TA: Ethereum Turns Red, Why ETH Must Hold This Key Support
June 28 2022 - 12:28AM
NEWSBTC
Ethereum declined below the $1,200 zone against the US Dollar. ETH
is now at a risk of more losses if it fails to stay above the
$1,150 support zone. Ethereum started a fresh decline from the
$1,250 and $1,280 levels. The price is now trading below $1,200 and
the 100 hourly simple moving average. There is a major bearish
trend line forming with resistance near $1,200 on the hourly chart
of ETH/USD (data feed via Kraken). The pair could decline sharply
if there is a clear move below the $1,150 support zone. Ethereum
Price Struggles Ethereum failed to continue higher above the $1,250
and $1,280 resistance levels. ETH formed a high near $1,281 and
started a fresh decline. There was a clear move below the $1,220
and $1,200 support levels. Ether price declined below the 23.6% Fib
retracement level of the upward move from the $1,043 swing low to
$1,280 high. It is now trading below $1,200 and the 100 hourly
simple moving average. Ether is also consolidating near the 50% Fib
retracement level of the upward move from the $1,043 swing low to
$1,280 high. An immediate resistance on the upside is near the
$1,200 level. Besides, there is a major bearish trend line forming
with resistance near $1,200 on the hourly chart of ETH/USD.
The next major resistance is near the $1,250 zone. A close
above the $1,250 resistance zone could start a steady increase. In
the stated case, the price could clear the $1,280 resistance.
Source: ETHUSD on TradingView.com The next major resistance is near
the $1,350 level, above which the price could even rise towards the
$1,440 resistance level in the near term. More Losses in ETH? If
ethereum fails to rise above the $1,200 resistance, it could
continue to move down. An initial support on the downside is near
the $1,150 zone. The next major support is near the $1,120 zone. A
close below the $1,120 level might put a lot of pressure on the
bulls. In the stated case, ether price may perhaps decline towards
the $1,050 level or even $1,000 in the coming sessions. Technical
Indicators Hourly MACD – The MACD for ETH/USD is now gaining
momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is
now well below the 50 level. Major Support Level – $1,150 Major
Resistance Level – $1,200
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