Ethereum Price Showing Early Signs of Fresh Drop, But This Support Is Key

Nov 17, 2022

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Ethereum Price Showing Early Signs of Fresh Drop, But This Support Is Key

Originally posted here.
By: Aayush Jindal

Overview

The Post

Ethereum failed to clear the $1,300 resistance zone against the US Dollar. ETH remains at a risk of more losses if there is a break below the $1,170 support zone.

Ethereum is facing resistance near the $1,250 and $1,280 levels.

The price is now trading below $1,240 and the 100 hourly simple moving average.

There is a major bearish trend line forming with resistance near $1,245 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could accelerate lower if there is a clear move below $1,180 and $1,170.

Ethereum Price Faces Hurdles

Ethereum attempted an upside break above the $1,300 resistance, similar to bitcoin at $17,000. ETH failed to gain pace for a clear move above the $1,300 resistance.

A high was formed near $1,290 before the price started a fresh decline. There was a clear move below the $1,260 and $1,250 levels. Ether price even traded below the $1,220 level. A low is formed near $1,183 and the price is now consolidating losses.

The price is now trading below $1,240 and the 100 hourly simple moving average. There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $1,290 swing high to $1,183 low.

An immediate resistance on the upside is near the $1,240 level. There is also a major bearish trend line forming with resistance near $1,245 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,290 swing high to $1,183 low.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,265 level. A clear break above the $1,265 resistance could send the price towards the $1,300 resistance zone. To start a steady increase, the price must settle above $1,300. In the stated case, the price could rise towards the $1,400 level.

More Losses in ETH?

If ethereum fails to climb above the $1,245 resistance, it could continue to move down. An initial support on the downside is near the $1,185 level.

The next major support is near the $1,170 level, below which ether price may perhaps start another major decline. In the stated scenario, the price could drop towards the $1,100 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 below the 50 level.

Major Support Level – $1,170

Major Resistance Level – $1,265

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