TA: Ethereum Consolidates Below $1,100: What Could Trigger Sharp Decline
23 Juni 2022 - 07:08AM
NEWSBTC
Ethereum is struggling below the $1,100 zone against the US Dollar.
ETH could gain bearish momentum if it breaks the $1,030 support
zone. Ethereum is facing resistance near the $1,100 and $1,120
levels. The price is now trading below $1,150 and the 100 hourly
simple moving average. There is a key bearish trend line forming
with resistance near $1,080 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could decline heavily if there is a
clear move below the $1,030 and $1,000 levels. Ethereum Price Faces
Hurdles Ethereum started a downside correction after it failed near
$1,190 and $1,200. ETH corrected lower and traded below the $1,120
support zone. There was a clear move below the 23.6% Fib
retracement level of the upward wave from the $880 swing low to
$1,192 high. Ether price even settled below the $1,150 zone and the
100 hourly simple moving average. However, the bulls were active
above the $1,030 support. Ether price stayed above the 50% Fib
retracement level of the upward wave from the $880 swing low to
$1,192 high. An immediate resistance on the upside is near the
$1,080 level. There is also a key bearish trend line forming with
resistance near $1,080 on the hourly chart of ETH/USD. The next
major resistance is near the $1,120 zone. The main resistance sits
near the $1,150 level. A clear move above the $1,150 resistance
zone could start a steady increase. Source: ETHUSD on
TradingView.com The next major resistance is near the $1,200 level
or the $1,192 high. Any more gains could start a move towards the
$1,280 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 $1,040
zone. The next major support is near the $1,030 zone. A close below
the $1,030 level might push the price below $1,000. In the stated
case, ether price may perhaps decline towards the $950 level. Any
more losses might call for a move towards the $880 support zone in
the coming sessions. 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 – $1,030 Major Resistance Level – $1,120
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