Ethereum Price Near Make-or-Break Levels, Can ETH Start Steady Recovery
15 November 2022 - 5:53AM
NEWSBTC
Ethereum started a recovery wave above the $1,210 level against the
US Dollar. ETH must clear $1,260 and the 100 hourly SMA to start a
decent recovery wave. Ethereum started a recovery wave above the
$1,200 and $1,220 levels. The price is now trading below $1,280 and
the 100 hourly simple moving average. There is a key bearish trend
line forming with resistance near $1,260 on the hourly chart of
ETH/USD (data feed via Kraken). The pair is now struggling to clear
the $1,260 resistance and the 100 hourly simple moving average.
Ethereum Price Near Key Juncture Ethereum reacted to the downside
after it failed to clear $1,300, similar to bitcoin. ETH traded
below the $1,220 support level and settled below the 100 hourly
simple moving average. It even spiked below $1,200 and traded as
low as $1,170. Recently, there was an upside correction above the
$1,200 and $1,220 levels. Ether price climbed above the 23.6% Fib
retracement level of the recent decline from the $1,348 swing high
to $1,170 low. Ether price is now trading below $1,280 and the 100
hourly simple moving average. An immediate resistance on the upside
is near the $1,260 level. There is also a key bearish trend line
forming with resistance near $1,260 on the hourly chart of ETH/USD.
The trend line is near the 50% Fib retracement level of the recent
decline from the $1,348 swing high to $1,170 low. The next major
resistance is near the $1,300 level. A clear break above the $1,300
resistance could set the pace for a decent increase. Source: ETHUSD
on TradingView.com In the stated case, the price could rise to the
$1,350 level. Any more gains might send the price toward the $1,400
resistance zone. Fresh Decline in ETH? If ethereum fails to climb
above the $1,300 resistance, it could start another decline. An
initial support on the downside is near the $1,210 level. The next
major support is near the $1,170 level, below which ether price may
perhaps accelerate lower. In the stated scenario, the price could
decline towards the $1,100 support zone in the near term. 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 – $1,170 Major
Resistance Level – $1,300
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