Ethereum Price is About to See “Liftoff” if It’s Able to Hold One Crucial Level
07 Februar 2023 - 05:17AM
NEWSBTC
Ethereum corrected lower and tested $1,600 against the US Dollar.
ETH is holding the $1,610 support and might attempt a fresh
increase. Ethereum corrected lower, but the bulls are active near
the $1,600 zone. The price is now trading below $1,640 and the 100
hourly simple moving average. There is a major bearish trend line
forming with resistance near $1,640 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could start another increase if it
stays above the $1,600 support zone. Ethereum Price Eyes Fresh
Increase Ethereum price started a downside correction below the
$1,660 support, similar to bitcoin. ETH extended its decline below
the $1,620 level, but the bulls were active near the $1,600 zone.
The bears made two attempts to push the price below $1,600, but
they failed. A low is formed near $1,605 and the price is now
recovering losses. It cleared the $1,620 level. There was a move
above the 50% Fib retracement level of the recent decline from the
$1,657 swing high to $1,605 low. Ether price is now trading below
$1,640 and the 100 hourly simple moving average. An immediate
resistance is near the $1,640 level and the 100 hourly simple
moving average. There is also a major bearish trend line forming
with resistance near $1,640 on the hourly chart of ETH/USD. The
trend line is close to the 61.8% Fib retracement level of the
recent decline from the $1,657 swing high to $1,605 lo. The next
major resistance is near the $1,655 level. An upside break above
the $1,655 resistance zone could spark a fresh increase. Source:
ETHUSD on TradingView.com In the stated case, the price may perhaps
rise towards the $1,700 resistance. Any more gains might send ether
price towards the $1,780 resistance zone. Downside Break in ETH? If
ethereum fails to clear the $1,640 resistance, it could continue to
move down. An initial support on the downside is near the $1,620
level. The next major support is near the $1,600 zone. If there is
a break below $1,600, the price might accelerate lower towards the
$1,565 support. Any more losses might call for a test of the $1,530
support. 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 near the 50 level. Major Support Level – $1,600
Major Resistance Level – $1,640
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