TA: Ethereum Holds Key Support, Why ETH Must Clear This Hurdle

2022-6-10 07:28

Ethereum is still above the $1,720 support against the US Dollar. ETH must clear $1,820 and $1,850 to start a steady increase in the near term.

Ethereum is still above the main $1,720 support zone. The price is now trading below $1,800 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD (data feed via Kraken). The pair might start a strong increase if there is a clear move above $1,820 and $1,850. Ethereum Price Tests Key Support

Ethereum attempted a fresh increase above the $1,820 resistance zone. However, there was no upside continuation and the price stayed below the $1,850 resistance zone.

A high was formed near $1,831 and the price moved lower. There was a break below the $1,800 support zone and the 100 hourly simple moving average. A low is formed near $1,767 and the price stayed above the key $1,750 support zone.

Ether is now consolidating above the $1,750 support. It climbed above the 23.6% Fib retracement level of the recent decline from the $1,831 swing high to $1,767 low.

On the upside, an initial resistance is near the $1,800 level. There is also a crucial bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $1,831 swing high to $1,767 low.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,820 level. The main resistance is still near the $1,850 level. A clear move above the $1,850 resistance might start a strong increase. The next major resistance is near the $1,920 level.

Downside Break in ETH?

If ethereum fails to rise above the $1,820 resistance, it could continue to move down. An initial support on the downside is near the $1,765 zone.

The next major support is near the $1,720 level. A clear move and break below the $1,720 support could start a major decline. In the stated case, the price could slide towards the $1,650 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 just near the 50 level.

Major Support Level – $1,720

Major Resistance Level – $1,820

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Ethereum (ETH) на Currencies.ru

$ 1729.37 (-0.36%)
Объем 24H $9.791b
Изменеия 24h: 1.99 %, 7d: 8.75 %
Cегодня L: $1690.92 - H: $1746.72
Капитализация $208.706b Rank 2
Цена в час новости $ 1788.02 (-3.28%)

ethereum support still above clear 720 eth

Источник: newsbtc.com

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