TA: Ethereum Corrects Gains, Why ETH Could Restart Increase

2022-2-9 08:08

Ethereum struggled to gain momentum above the $3,200 resistance against the US Dollar. ETH price is correcting gains, but it might find support near $3,030.

Ethereum started a downside correction after it spiked towards the $3,240 level. The price is still trading above $3,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $3,160 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above $3,030 and $3,000 to start a fresh increase in the near term. Ethereum Price Remains Supported

Ethereum remained well bid above the $3,000 support zone. ETH extended increase and was able to clear the $3,200 resistance. It traded as high as $3,235 before there was a downside correction.

There was a move below the $3,200 and $3,150 levels. Ether price even declined below the 50% Fib retracement level of the upward move from the $2,952 swing low to $3,325 high. Besides, there was a break below a key bullish trend line with support near $3,160 on the hourly chart of ETH/USD.

However, the price is still trading above $3,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $3,150 level.

Source: ETHUSD on TradingView.com

The first major resistance is near the $3,200 level. A successful close above $3,200 might start another increase. In the stated case, the price could surpass the $3,235 high. The next major hurdle is near the $3,350 level, above which the bulls might aim a test of $3,500.

Downside Break in ETH?

If ethereum fails to continue higher above $3,160 or $3,200, it could continue to move down. An initial support on the downside is near the $3,080 level and a rising channel on the same chart.

The first major support is near the $3,030 level and the 100 hourly simple moving average. It is near the 76.4% Fib retracement level of the upward move from the $2,952 swing low to $3,325 high. A downside break below the $3,030 level might push the price below $3,000. The next major support is near the $2,950 level, below which there is a risk of a larger decline.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is just below the 50 level.

Major Support Level – $3,030

Major Resistance Level – $3,200

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Ethereum (ETH) на Currencies.ru

$ 2269.03 (-0.29%)
Объем 24H $17.73b
Изменеия 24h: -0.61 %, 7d: -5.17 %
Cегодня L: $2264.16 - H: $2345.8
Капитализация $273.845b Rank 2
Цена в час новости $ 3198.78 (-29.07%)

ethereum eth gains correcting near support might

Источник: newsbtc.com

ethereum eth → Результатов: 126


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