TA: Ethereum Tops Near $1,200, Why Dips Could Be Attractive
22 Juni 2022 - 7:28AM
NEWSBTC
Ethereum started an upside correction above the $1,050 zone against
the US Dollar. ETH traded close to the $1,200 resistance zone
before it faced sellers. Ethereum started an upside correction
above the $1,100 resistance zone. The price is now trading below
$1,150 and the 100 hourly simple moving average. There was a break
below a key bullish trend line with support near $1,180 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could
revisit the key $1,050 and $1,040 support levels in the near term.
Ethereum Price Corrects Lower Ethereum was able to climb above the
$1,050 resistance zone. ETH even recovered above the $1,120
resistance zone and settled above the 100 hourly simple moving
average. Finally, the price surpassed the $1,150 resistance and
traded close to the $1,200 level. A high was formed near $1,192
before the bears appeared. Ether price failed to continue higher
and traded below the $1,150 level. There was a break below the
23.6% Fib retracement level of the upward move from the $880 swing
low to $1,192 high. Besides, there was a break below a key bullish
trend line with support near $1,180 on the hourly chart of ETH/USD.
Ether price is now trading below $1,150 and the 100 hourly simple
moving average. An immediate resistance is near the $1,120 level.
The next major resistance is near the $1,150 zone. A clear move
above the $1,150 resistance zone may perhaps push the price towards
$1,200. Source: ETHUSD on TradingView.com The next major resistance
is near the $1,250 level. Any more gains could start a move towards
the $1,320 resistance in the near term. More Losses in ETH? If
ethereum fails to rise above the $1,120 resistance, it could
continue to move down. An initial support on the downside is near
the $1,060 zone. The next major support is near the $1,050 zone. It
is near the 50% Fib retracement level of the upward move from the
$880 swing low to $1,192 high. Any more losses might call for a
move towards the $1,000 support zone. 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 below the 50 level.
Major Support Level – $1,050 Major Resistance Level – $1,150
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