Ethereum Price Showing Early Signs of Fresh Drop, But This Support Is Key
17 November 2022 - 06:17AM
NEWSBTC
Ethereum failed to clear the $1,300 resistance zone against the US
Dollar. ETH remains at a risk of more losses if there is a break
below the $1,170 support zone. Ethereum is facing resistance near
the $1,250 and $1,280 levels. The price is now trading below $1,240
and the 100 hourly simple moving average. There is a major bearish
trend line forming with resistance near $1,245 on the hourly chart
of ETH/USD (data feed via Kraken). The pair could accelerate lower
if there is a clear move below $1,180 and $1,170. Ethereum Price
Faces Hurdles Ethereum attempted an upside break above the $1,300
resistance, similar to bitcoin at $17,000. ETH failed to gain pace
for a clear move above the $1,300 resistance. A high was formed
near $1,290 before the price started a fresh decline. There was a
clear move below the $1,260 and $1,250 levels. Ether price even
traded below the $1,220 level. A low is formed near $1,183 and the
price is now consolidating losses. The price is now trading below
$1,240 and the 100 hourly simple moving average. There was a minor
increase above the 23.6% Fib retracement level of the recent
decline from the $1,290 swing high to $1,183 low. An immediate
resistance on the upside is near the $1,240 level. There is also a
major bearish trend line forming with resistance near $1,245 on the
hourly chart of ETH/USD. The trend line is near the 50% Fib
retracement level of the recent decline from the $1,290 swing high
to $1,183 low. Source: ETHUSD on TradingView.com The next major
resistance is near the $1,265 level. A clear break above the $1,265
resistance could send the price towards the $1,300 resistance zone.
To start a steady increase, the price must settle above $1,300. In
the stated case, the price could rise towards the $1,400 level.
More Losses in ETH? If ethereum fails to climb above the $1,245
resistance, it could continue to move down. An initial support on
the downside is near the $1,185 level. The next major support is
near the $1,170 level, below which ether price may perhaps start
another major decline. In the stated scenario, the price could drop
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 bearish zone. Hourly RSI – The RSI for ETH/USD is
now below the 50 level. Major Support Level – $1,170 Major
Resistance Level – $1,265
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