TA: Ethereum Key Indicators Suggest Strengthening Case For More Upsides

Jun 23, 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 Key Indicators Suggest Strengthening Case For More Upsides

Originally posted here.
By: Aayush Jindal

Overview

Ethereum is slowly moving higher above the $1,120 zone against the US Dollar. ETH could rally if there is a clear move above the $1,165 resistance level. Ethereum is facing resistance near the $1,165 and $1,190 levels. The price is now trading above $1,120 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if there is a clear move above the $1,165 resistance. Ethereum Price Eyes Upside Break Ethereum started a downside correction below the $1,120 level. ETH even traded below the $1,080 level, but the bulls were active near the $1,050 support zone. The price traded as low as $1,048 and recently started a fresh increase. Ether price was able to surpass the $1,100 level. There was a move above the 50% Fib retracement level of the downward move from the $1,192 swing high to $1,048 low. Besides, there was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD. The pair is now trading above $1,120 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,165 level. It is close to the 76.4% Fib retracement level of the downward move from the $1,192 swing high to $1,048 low. The next major resistance is near the $1,190 zone. A clear move above the $1,190 resistance zone could start a steady increase. Source: ETHUSD on TradingView.com The next major resistance is near the $1,250 level. Any more gains could start a move towards the $1,320 resistance in the near term. Fresh Decline in ETH? If ethereum fails to rise above the $1,165 resistance, it could start a fresh decline. An initial support on the downside is near the $1,120 zone. The next major support is near the $1,100 zone and the 100 hourly simple moving average. A close below the $1,100 level might start another decline. In the stated case, ether price may perhaps decline towards the $1,050 level. Any more losses might call for a move towards the $1,000 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,100 Major Resistance Level – $1,165

The Post

Ethereum is slowly moving higher above the $1,120 zone against the US Dollar. ETH could rally if there is a clear move above the $1,165 resistance level.

Ethereum is facing resistance near the $1,165 and $1,190 levels.

The price is now trading above $1,120 and the 100 hourly simple moving average.

There was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could gain bullish momentum if there is a clear move above the $1,165 resistance.

Ethereum Price Eyes Upside Break

Ethereum started a downside correction below the $1,120 level. ETH even traded below the $1,080 level, but the bulls were active near the $1,050 support zone.

The price traded as low as $1,048 and recently started a fresh increase. Ether price was able to surpass the $1,100 level. There was a move above the 50% Fib retracement level of the downward move from the $1,192 swing high to $1,048 low.

Besides, there was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD. The pair is now trading above $1,120 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,165 level. It is close to the 76.4% Fib retracement level of the downward move from the $1,192 swing high to $1,048 low. The next major resistance is near the $1,190 zone. A clear move above the $1,190 resistance zone could start a steady increase.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,250 level. Any more gains could start a move towards the $1,320 resistance in the near term.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,165 resistance, it could start a fresh decline. An initial support on the downside is near the $1,120 zone.

The next major support is near the $1,100 zone and the 100 hourly simple moving average. A close below the $1,100 level might start another decline. In the stated case, ether price may perhaps decline towards the $1,050 level. Any more losses might call for a move towards the $1,000 support.

Technical Indicators

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

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

Major Support Level – $1,100

Major Resistance Level – $1,165

SHARE THIS POST