TA: Ethereum Revisits Key Support, Why Recovery Could be Capped
January 18 2022 - 4:42AM
NEWSBTC
Ethereum extended decline below the $3,300 support zone against the
US Dollar. ETH price could recover from $3,120, but it might face
hurdles near $3,250. Ethereum extended decline below the $3,300 and
$3,250 support levels. The price is trading below $3,250 and the
100 hourly simple moving average. There is a key bearish trend line
forming with resistance near $3,180 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could start a fresh increase if it
clears the $3,200 and $3,250 resistance levels. Ethereum Price
Struggles Ethereum extended decline below the $3,250 support zone.
ETH even broke the $3,200 support level and settled below the 100
hourly simple moving average. It traded as low as $3,129 and is
currently correcting higher. There was a minor move above the
$3,150 level. The price is now facing resistance near the $3,180
level. There is also a key bearish trend line forming with
resistance near $3,180 on the hourly chart of ETH/USD. The trend
line is near the 23.6% Fib retracement level of the recent decline
from the $3,392 swing high to $3,129 low. If there is an upside
break above the trend line, the price could rise towards the $3,250
resistance zone. Source: ETHUSD on TradingView.com The 50% Fib
retracement level of the recent decline from the $3,392 swing high
to $3,129 low is also near the $3,250 level to act as a hurdle. A
clear move above the $3,250 level might pump the price in the near
term. The next major resistance is near the $3,400 level, above
which ether price could gain bullish momentum. In the stated case,
the price could rise towards $3,550 in the near term. More Losses
in ETH? If ethereum fails to start a fresh increase above the
$3,200 level, it could continue to move down. An initial support on
the downside is near the $3,140 level. The first key support is now
forming near the $3,120 level. A downside break below the $3,120
level might push the price further lower. The next major support
for the bulls may perhaps be near the $3,000 handle. Technical
Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace
in the bearish zone. Hourly RSI – The RSI for ETH/USD is still well
below the 50 level. Major Support Level – $3,120 Major Resistance
Level – $3,250
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