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

Jun 9, 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.

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

Originally posted here.
By: Aayush Jindal

Overview

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

The Post

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

SHARE THIS POST

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