Ethereum Price Lacks Momentum Above $1,200: Why Bears Are Comfortable

2022-12-30 12:34

Ethereum started a fresh decline below the $1,200 zone against the US Dollar. ETH might correct higher, but the bears could remain active near $1,230.

Ethereum extended its decline and traded towards the $1,180 support zone. The price is now trading below $1,200 and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct higher, but upsides might remain capped near the $1,210 and $1,230 levels. Ethereum Price Faces Resistance

Ethereum price started a fresh decline from the key $1,230 resistance zone. ETH declined below the $1,210 support zone and the 100 hourly simple moving average.

The price even extended its decline below the $1,200 level. It tested the $1,180 level. A low is formed near $1,180 and the price is now correcting losses. There was a minor move above the $1,192 level. Ether price climbed above the 23.6% Fib retracement level of the downward move from the $1,232 swing high to $1,180 low.

Ether price is now trading below $1,200 and the 100 hourly simple moving average, similar to bitcoin. There is also a connecting bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD.

An immediate resistance is near the $1,200 level. It is near the 50% Fib retracement level of the downward move from the $1,232 swing high to $1,180 low. The next major resistance is near the $1,220 level. The first major resistance is near $1,230.

Source: ETHUSD on TradingView.com

A close above the $1,230 resistance could start a steady increase. In the stated case, the price may perhaps rise towards the $1,250 resistance. The next major resistance could be $1,300, above which the price might rise towards the $1,350 resistance zone.

More Losses in ETH?

If ethereum fails to climb above the $1,210 resistance, it could start another drop. An initial support on the downside is near the $1,180 level.

The next major support is near the $1,165 level. A downside break below $1,165 might send the price towards the $1,100 support. Any more losses might call for a test of the $1,055 zone.

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 above the 50 level.

Major Support Level – $1,180

Major Resistance Level – $1,210

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3364.83 (+0.44%)
Объем 24H $49.752b
Изменеия 24h: 10.76 %, 7d: 7.28 %
Cегодня L: $3039.69 - H: $3382.36
Капитализация $405.218b Rank 2
Цена в час новости $ 1195.5 (181.46%)

ethereum bears zone decline 200 active higher

ethereum bears → Результатов: 126


Ethereum’s short term losses likely to continue

After Ethereum saw a massive fall of over 8 percent on 14th August, the price indicated considerable recovery with a growth of over 2 percent in the past 24 hours. Is the recovery at press time enough to indicate that Ethereum has broken away from bears? Ethereum’s 4-hour chart At press time, Ethereum indicated a […] The post Ethereum’s short term losses likely to continue appeared first on AMBCrypto.

2019-8-17 11:58