Home Cryptocurrency Ethereum Price Recovers But Bears Are Not Out Of The Woods Yet

Ethereum Price Recovers But Bears Are Not Out Of The Woods Yet


Ethereum started a decent recovery wave above $1,150 against the US Dollar. ETH is now approaching a major hurdle near $1,230 and $1,250.

  • Ethereum started an upside correction above the $1,120 and $1,150 resistance levels.
  • The price is now trading above $1,150 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,190 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further towards $1,230, but the bears might take a strong stand.

Ethereum Price Faces Hurdle

Ethereum price formed a base above the $1,070 level and started a recovery wave, similar to bitcoin. ETH slowly moved higher and was able to clear the $1,150 resistance zone.

The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $1,231 swing high to $1,073 low. Ether price is now trading above $1,150 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,190 on the hourly chart of ETH/USD.

The pair seems to be consolidating above the 76.4% Fib retracement level of the downward move from the $1,231 swing high to $1,073 low. An immediate resistance on the upside is near the $1,220 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,230 level and the $1,250 zone. To start a real recovery wave and gain bullish momentum, the price must settle above $1,250. A clear close above the $1,250 resistance could send the price towards the $1,320 resistance zone. Any more gains might open the doors for a test of the $1,400 resistance zone.

Fresh Decline in ETH?

If ethereum fails to climb above the $1,250 resistance, it could start another decline. An initial support on the downside is near the $1,190 level and the trend line.

The next major support is near the $1,150 level and the 100 hourly simple moving average, below which ether price may perhaps decline further. In the stated scenario, the price could decline towards the $1,100 support zone in the near term. Any more losses might call for a move towards the main $1,070 support.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,150

Major Resistance Level – $1,250



Source link

RELATED ARTICLES

Crypto Miners in Kazakhstan to Buy Only Surplus Power, Under Digital Assets Bill – Mining Bitcoin News

Companies extracting cryptocurrencies in Kazakhstan will be allowed to purchase only excess electricity on a government-controlled market. The decision comes with new legislation...

Tenderly introduces TXN simulations on its blockchain gateway for efficient dApp development

Tenderly, creators of a blockchain development platform, today announced that it is the first web3 development platform to offer simulations through RPC on...

Cardano (ADA) Price Prediction: Bears Target Fresh Lows Below $0.28

Cardano’s price started a fresh decline after it failed to surpass $0.33. ADA remains at a risk of more losses below $0.30 and...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

India’s home season to begin on January 3 with Sri Lanka T20Is

India's home international season is scheduled to begin on January 3 with a T20I and ODI series against Sri Lanka, a week after...

Business News LIVE Today: Latest Business News, Share Market News, Economy & Finance News | Moneycontrol

By Market Capitalisation. Net Sales. Net Profit. Total Assets. Excise. Other Income. Raw Materials. Power & Fuel. Employee Cost. PBDIT. Interest. Tax. EPS. Investments. Sundry Debtors. Cash/Bank. Inventory. Debt. Contingent Liabilities. Screen Crit Abrasives Aerospace & Defence Agriculture Air Conditioners Airlines Aluminium & Aluminium Products Amusement Parks/Recreation/Club Aquaculture Auto Ancillaries Auto Ancillaries -...

Harry and Meghan renew clash with royals and media in new Netflix series

The epic squabble between Prince Harry and Meghan and the rest of Britain’s royal family looked set to burst back into the open...

Recent Comments