TA: Ethereum Eyes Fresh Rally If It Clears This Key Breakout Zone
August 03 2022 - 11:18PM
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Ethereum remained supported above the $1,550 zone against the US
Dollar. ETH is rising and might gain pace if there is a clear move
above the $1,670 level. Ethereum found support near $1,560 and
started a fresh increase. The price is now trading above $1,620 and
the 100 hourly simple moving average. There is a major bearish
trend line forming with resistance near $1,660 on the hourly chart
of ETH/USD (data feed via Kraken). The pair could start a fresh
rally if there is a clear move above $1,660 and $1,670. Ethereum
Price Remains Supported Ethereum extended its decline below the
$1,650 level. ETH even traded below the $1,600 support zone to move
into a short-term bearish zone. However, the bulls were active near
the $1,550 and $1,560 levels. The price remained stable above the
50% Fib retracement level of the upward move from the $1,354 swing
low to $1,785 high. Ether price is now rising and trading above the
$1,600 level. There was a break above the 23.6% Fib retracement
level of the downward move from the $1,785 high to $1,559 low. It
is now trading above $1,620 and the 100 hourly simple moving
average. An immediate resistance on the upside is near the $1,650
level. Source: ETHUSD on TradingView.com There is also a major
bearish trend line forming with resistance near $1,660 on the
hourly chart of ETH/USD. The first major resistance is near the
$1,670 level. It is near the 50% Fib retracement level of the
downward move from the $1,785 high to $1,559 low. A clear move
above the $1,670 level could start a steady increase to $1,700. If
the bulls remain in action, the price may perhaps rise towards the
$1,750 resistance zone. Fresh Decline in ETH? If ethereum fails to
rise above the $1,670 resistance, it could start another decline.
An initial support on the downside is near the $1,620 zone. The
next major support is near $1,560, below which there is a risk of a
sharp decline. In the stated case, ether price may perhaps decline
towards the $1,505 support in the near term. Any more losses might
call for a test of the $1,450 level. 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 – $1,570 Major Resistance Level – $1,670
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