TA: Ethereum Forms Bullish Pattern But This Level Is Crucial
25 Maio 2022 - 2:28AM
NEWSBTC
Ethereum extended decline and tested the $1,920 support against the
US Dollar. ETH is rising and might revisit the key $2,085
resistance zone. Ethereum remained stable above the key $1,920
support zone. The price is now trading above $2,000 and the 100
hourly simple moving average. There was a break above a major
bearish trend line with resistance near $1,980 on the hourly chart
of ETH/USD (data feed via Kraken). The pair could rise further, but
the $2,085 zone presents a major hurdle. Ethereum Price Recovers
Above $2K Ethereum extended decline after it broke the $1,950
support and the 100 hourly simple moving average. However, the
bulls took a strong stand near the $1,920 support. A low was formed
near $1,911 and the price started a recovery wave. There was a
clear move above the $1,950 and $1,960 resistance levels. Ether
price climbed above the 50% Fib retracement level of the downward
move from the $2,083 swing high to $1,911 low. Besides, there was a
break above a major bearish trend line with resistance near $1,980
on the hourly chart of ETH/USD. Ether price is now trading above
$2,000 and the 100 hourly simple moving average. The price is now
facing resistance near the $2,020 level. It is near the 61.8% Fib
retracement level of the downward move from the $2,083 swing high
to $1,911 low. The next major resistance is near the $2,040 level.
The main resistance is now forming near the $2,085 level. A close
above the $2,085 level could open the doors for a steady increase.
Source: ETHUSD on TradingView.com In the stated case, ether price
could rally towards the $2,200 resistance. Any more gains may
perhaps send it towards the key $2,250 resistance zone. Fresh
Decline in ETH? If ethereum fails to recover above the $2,400
resistance, it could start a fresh decline. An initial support on
the downside is near the $1,995 zone and the 100 hourly SMA. The
next major support is near the $1,970 level. A downside break below
the $1,970 level might call for another test of the main $1,920
support. Any more losses may perhaps clear the path for a sharp
decline to $1,800. 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 above the 50 level. Major Support Level
– $1,970 Major Resistance Level – $2,085
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