TA: Ethereum Prints Bullish Technical Pattern, Why Close Above $3,200 Is Critical
11 Janeiro 2022 - 02:08AM
NEWSBTC
Ethereum fell to $2,930 before correcting higher against the US
Dollar. ETH price is rising and a close above $3,200 could spark a
strong recovery. Ethereum extended decline and broke the $3,000
support zone. The price is trading below $3,200 and the 100 hourly
simple moving average. There was a break above a major bearish
trend line with resistance near $3,110 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could start a major
recovery wave if there is a close above $3,200. Ethereum Price Eyes
Steady Recovery Ethereum failed to climb above $3,200 and extended
its decline. ETH declined below the $3,050 and $3,000 support
levels to move further into a bearish zone. The price spiked
towards $2,920 and traded as low as $2,931. Recently, there was a
sharp upside correction above the $3,000 and $3,050 levels.
Besides, there was a break above a major bearish trend line with
resistance near $3,110 on the hourly chart of ETH/USD. Ether price
settled above the 61.8% Fib retracement level of the downward move
from the $3,210 swing high to $2,931 low. It is now consolidating
above the $3,100 level. On the upside, an immediate resistance is
near the $3,145 level. It is near the 76.4% Fib retracement level
of the downward move from the $3,210 swing high to $2,931 low. The
next major resistance is near the $3,200 level and the 100 hourly
simple moving average. Source: ETHUSD on TradingView.com A clear
upside break above the $3,200 level could spark a decent recovery
wave. The next key resistance is near the $3,300 level. Any more
gains could send the price towards the $3,420 level in the near
term. Fresh Decline in ETH? If ethereum fails to start a fresh
increase above the $3,200 level, it could start another decline. An
initial support on the downside is near the $3,060 level. The first
key support is now forming near the $3,000 level. A downside break
below the $3,000 level might put a lot of pressure on the bulls. In
the stated case, there is a risk of a new monthly low below the
$2,931 level. Technical Indicators Hourly MACD – The MACD for
ETH/USD is slowly losing pace in the bullish zone. Hourly RSI – The
RSI for ETH/USD is above the 50 level. Major Support Level – $3,060
Major Resistance Level – $3,200
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