TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2K
June 29 2022 - 12:28AM
NEWSBTC
Ethereum declined below the $1,150 zone against the US Dollar. ETH
is now at a risk of more losses if it stays below the key $1,200
pivot zone. Ethereum started a fresh decline below the $1,220 and
$1,200 levels. The price is now trading below $1,200 and the 100
hourly simple moving average. There is a connecting trend line in
place with support at $1,130 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could decline further is a clear move
below the $1,120 support zone. Ethereum Price Remains At Risk
Ethereum remained in a bearish zone below the $1,280 and $1,250
resistance levels. ETH started a fresh decline and traded below the
key $1,200 support zone. The decline gained pace below the $1,180
level and the 100 hourly simple moving average. As a result, the
bears were able to push the price below the $1,150 support. A low
is formed near $1,132 and the price is now consolidating losses.
Ether is now trading well below $1,200 and the 100 hourly simple
moving average. There is also a connecting trend line in place with
support at $1,130 on the hourly chart of ETH/USD. An immediate
resistance on the upside is near the $1,155 level. It is near the
23.6% Fib retracement level of the recent decline from the $1,235
swing high to $1,132 low. The next major resistance is near the
$1,175 zone. The first major hurdle is near the $1,180 level and
the 100 hourly simple moving average. The 50% Fib retracement level
of the recent decline from the $1,235 swing high to $1,132 low is
also near $1,180. A close above the $1,180 resistance zone could
start a steady increase. In the stated case, the price could clear
the $1,200 resistance. Source: ETHUSD on TradingView.com The next
major resistance is near the $1,235 level, above which the price
could even rise towards the $1,280 resistance level in the near
term. More Losses in ETH? If ethereum fails to rise above the
$1,180 resistance, it could continue to move down. An initial
support on the downside is near the $1,120 zone. The next major
support is near the $1,080 zone. A close below the $1,080 level
might spark a sharp decline. In the stated case, ether price may
perhaps decline towards the $1,000 level. Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the
bearish zone. Hourly RSI – The RSI for ETH/USD is now well below
the 50 level. Major Support Level – $1,120 Major Resistance Level –
$1,180
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