TA: Ethereum Trims Gains, Why ETH Remains At Risk Below $1,100
July 01 2022 - 1:38AM
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Ethereum is struggling below $1,100 against the US Dollar. ETH
could continue lower below the $1,000 support unless there is a
clear move above the $1,100 zone. Ethereum remained in a bearish
zone below $1,120 and $1,100 levels. The price is now trading below
$1,120 and the 100 hourly simple moving average. There was a break
above a major bearish trend line with resistance near $1,030 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could
decline again unless there is a clear move above the $1,100
resistance zone. Ethereum Price Faces Resistance Ethereum remained
in a bearish zone and extended losses below the $1,100 support
zone. ETH even broke the $1,050 level to move further into a
bearish zone. Finally, ether price spiked below the $1,000 level
and traded as low as $997. Recently, there was a sharp upward move
above the $1,050 level. The price surged above the 23.6% Fib
retracement level of the downward move from the $1,235 swing high
to $997 low. Besides, there was a break above a major bearish trend
line with resistance near $1,030 on the hourly chart of ETH/USD.
However, the bears were active near the $1,100 resistance zone.
Ether is now trading below $1,120 and the 100 hourly simple moving
average. An immediate resistance on the upside is near the $1,100
level. The next major resistance is near the $1,120 zone. The 50%
Fib retracement level of the downward move from the $1,235 swing
high to $997 low is also near $1,120. A close above the $1,120
resistance zone could start a steady increase. Source: ETHUSD on
TradingView.com In the stated case, the price could rise towards
the $1,200 resistance. Any more gains might send the price towards
the $1,235 high. More Losses in ETH? If ethereum fails to rise
above the $1,120 resistance, it could continue to move down. An
initial support on the downside is near the $1,045 zone. The next
major support is near the $1,000 zone. A close below the $1,000
level might push ether price further lower. In the stated case,
ether price may perhaps decline towards the $925 level. Technical
Indicators Hourly MACD – The MACD for ETH/USD is now losing
momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is
now near the 50 level. Major Support Level – $1,045 Major
Resistance Level – $1,120
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