TA: Ethereum Reverse Gains, Why ETH Could Dive Below $1K
June 17 2022 - 12:28AM
NEWSBTC
Ethereum failed to clear the $1,250 resistance against the US
Dollar. ETH is declining and remains at a risk of more downsides
below the $1,000 support. Ethereum started a fresh decline after it
failed to surpass the $1,250 zone. The price is now trading below
$1,200 and the 100 hourly simple moving average. There is a
connecting bearish trend line forming with resistance near $1,095
on the hourly chart of ETH/USD (data feed via Kraken). The pair
could resume its decline unless it clears $1,150 and $1,200 in the
near term. Ethereum Price Remains At Risk Ethereum attempted a
recovery wave above the $1,200 resistance zone. However, the bears
were active near the $1,250 level. A high was formed near $1,256
and the price started a fresh decline. There was a move below the
$1,200 and $1,150 levels. The price even settled below the $1,200
level and the 100 hourly simple moving average. A low was formed
near $1,050 and ether is now consolidating losses. An immediate
resistance is near the $1,090 level. There is also a connecting
bearish trend line forming with resistance near $1,095 on the
hourly chart of ETH/USD. The trend line is near the 23.6% Fib
retracement level of the recent drop from the $1,256 swing high to
$1,050 low. The next major resistance is near the $1,150 zone. It
is close to the 50% Fib retracement level of the recent drop from
the $1,256 swing high to $1,050 low. Any more gains might call for
a test of the $1,200 level or the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com A clear move above the $1,200
resistance zone may perhaps start a decent upward move. The next
major resistance is near the $1,260 level. Any more gains could
start a move towards the $1,350 resistance. 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 $1,050 zone. The next major support is near the $1,000 zone. A
clear move and break below the $1,000 zone could start a major
decline. In the stated case, the price could slide towards the $880
support zone in the near term. Technical Indicators Hourly MACD –
The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major
Support Level – $1,000 Major Resistance Level – $1,200
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