Ethereum Price Corrects But This Level Could Trigger Fresh Increase

Oct 28, 2022

Metablox NFT save memories to the blockchain

OWN PLACES • SAVE MEMORIES

Everyday we create memories that are attached to places, but how will future generations know what happened to us? 

Metablox is saving our most important memories on the blockchain, and you can own the real world places the memories happened.

Ethereum Price Corrects But This Level Could Trigger Fresh Increase

Originally posted here.
By: Aayush Jindal

Overview

Ethereum started a downside correction from $1,600 against the US Dollar. ETH could start a fresh increase if it stays above the $1,450 support. Ethereum is correcting gains from the $1,580 and $1,600 resistance levels. The price is now trading above $1,450 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,540 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $1,450 support zone. Ethereum Price Remains Supported Ethereum started a decent increase above the $1,450 and $1,500 resistance levels. ETH even cleared the $1,550 level and settled above the 100 hourly simple moving average. The price traded close to the $1,600 resistance zone. A high was formed near $1,593 before there was a downside correction. There was a drop below the $1,550 level. Ether price even declined below the 23.6% Fib retracement level of the upward wave from the $1,340 swing low to $1,593 high. It is now trading above $1,450 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,540 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,540 level and the trend line zone. The first major resistance is near the $1,550 and $1,560 levels, above which the price could gain bullish momentum. The main barrier is now near the $1,600 zone. Source: ETHUSD on TradingView.com A clear upside break above the $1,600 resistance zone could set the pace for a fresh rally. In the stated case, the price might rise towards the $1,720 level. Dips Supported in ETH? If ethereum fails to climb above the $1,550 resistance, it could continue to move down. An initial support on the downside is near the $1,465 level and the 100 hourly simple moving average. The 50% Fib retracement level of the upward wave from the $1,340 swing low to $1,593 high is also near $1,450. A downside break below the $1,450 zone might increase selling pressure and the price might drop to $1,400 in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,450 Major Resistance Level – $1,550

The Post

Ethereum started a downside correction from $1,600 against the US Dollar. ETH could start a fresh increase if it stays above the $1,450 support.

Ethereum is correcting gains from the $1,580 and $1,600 resistance levels.

The price is now trading above $1,450 and the 100 hourly simple moving average.

There is a major bearish trend line forming with resistance near $1,540 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a fresh increase if it stays above the $1,450 support zone.

Ethereum Price Remains Supported

Ethereum started a decent increase above the $1,450 and $1,500 resistance levels. ETH even cleared the $1,550 level and settled above the 100 hourly simple moving average.

The price traded close to the $1,600 resistance zone. A high was formed near $1,593 before there was a downside correction. There was a drop below the $1,550 level. Ether price even declined below the 23.6% Fib retracement level of the upward wave from the $1,340 swing low to $1,593 high.

It is now trading above $1,450 and the 100 hourly simple moving average . There is also a major bearish trend line forming with resistance near $1,540 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $1,540 level and the trend line zone. The first major resistance is near the $1,550 and $1,560 levels, above which the price could gain bullish momentum. The main barrier is now near the $1,600 zone.

Source: ETHUSD on TradingView.com

A clear upside break above the $1,600 resistance zone could set the pace for a fresh rally. In the stated case, the price might rise towards the $1,720 level.

Dips Supported in ETH?

If ethereum fails to climb above the $1,550 resistance, it could continue to move down. An initial support on the downside is near the $1,465 level and the 100 hourly simple moving average.

The 50% Fib retracement level of the upward wave from the $1,340 swing low to $1,593 high is also near $1,450. A downside break below the $1,450 zone might increase selling pressure and the price might drop to $1,400 in the near term.

Technical Indicators

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

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

Major Support Level – $1,450

Major Resistance Level – $1,550

SHARE THIS POST

Add your voice!Join the conversation on Discord...