Ethereum Price Consolidates, ETH Indicators Suggest Upside Break
16 November 2022 - 6:57AM
NEWSBTC
Ethereum started a recovery wave above the $1,240 level against the
US Dollar. ETH could gain bullish momentum once it clears the
$1,280 and $1,300 resistance levels. Ethereum started a recovery
wave above the $1,220 and $1,240 levels. The price is now trading
near $1,260 and the 100 hourly simple moving average. There is a
key bearish trend line forming with resistance near $1,275 on the
hourly chart of ETH/USD (data feed via Kraken). The pair must
settle above the $1,300 resistance to start a decent increase in
the near term. Ethereum Price Remains In Range Ethereum remained
well bid above the $1,170 level, similar to bitcoin. ETH started a
steady recovery wave above the $1,200 resistance zone. The price
was able to clear the 50% Fib retracement level of the downward
move from the $1,348 swing high to $1,170 low. There was also a
spike above the $1,250 resistance zone. However, the price failed
to gain strength above the $1,280 level. Ether price is now trading
near $1,260 and the 100 hourly simple moving average. An immediate
resistance on the upside is near the $1,275 level. There is also a
key bearish trend line forming with resistance near $1,275 on the
hourly chart of ETH/USD. The trend line is near the 61.8% Fib
retracement level of the downward move 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 recovery wave. Source: ETHUSD on TradingView.com In the
stated case, the price could rise towards 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 $1,225 level. The next major support is
near the $1,200 level, below which ether price may perhaps revisit
the $1,170 support zone. If the bulls fail to protect the $1,170
support, there is a risk of a major decline. 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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