TA: Ethereum Saw Crucial Rejection, Can Bulls Save This Support?

Sep 21, 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 Saw Crucial Rejection, Can Bulls Save This Support?

Originally posted here.
By: Aayush Jindal

Overview

Ethereum saw a major rejection near the $1,420 zone against the US Dollar. ETH is down over 6% and remains at a risk of a drop below the $1,220 support. Ethereum started a fresh decline from the $1,420 resistance zone. The price is now trading below $1,300 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $1,325 on the hourly chart of ETH/USD (data feed via Kraken). The pair could recover, but it might face sellers near the $1,285 and $1,325 levels. Ethereum Price Dives 6% Ethereum attempted to gain bullish momentum above the $1,400 level. However, ETH struggled to clear the $1,420 level and reacted sharply to the downside. There was a major decline below the $1,350 and $1,320 levels. Besides, there was a break below a key bullish trend line with support near $1,325 on the hourly chart of ETH/USD. The pair even broke the $1,300 level and settled well below the 100 hourly simple moving average. Ether price traded to a new weekly low at $1,219 and is currently consolidating losses. It is testing the 23.6% Fib retracement level of the recent decline from the $1,419 swing high to $1,219 low. On the upside, the price is facing resistance near the $1,285 level. The next major resistance is near $1,320 level. It is close to the 50% Fib retracement level of the recent decline from the $1,419 swing high to $1,219 low. The main resistance sits near the $1,350 level and the 100 hourly SMA. Source: ETHUSD on TradingView.com A clear break above $1,350 might start a decent increase towards the $1,420 level. Any more gains may perhaps open the doors for a move towards the $1,500 resistance. More Losses in ETH? If ethereum fails to recover above the $1,320 resistance, it could continue to move down. An initial support on the downside is near the $1,240 zone. The next major support is near $1,220. A downside break below the $1,220 support might spark another sharp decline. In the stated case, ether price might drop towards the $1,150 level 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 – $1,220 Major Resistance Level – $1,320

The Post

Ethereum saw a major rejection near the $1,420 zone against the US Dollar. ETH is down over 6% and remains at a risk of a drop below the $1,220 support.

Ethereum started a fresh decline from the $1,420 resistance zone.

The price is now trading below $1,300 and the 100 hourly simple moving average.

There was a break below a key bullish trend line with support near $1,325 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could recover, but it might face sellers near the $1,285 and $1,325 levels.

Ethereum Price Dives 6%

Ethereum attempted to gain bullish momentum above the $1,400 level. However, ETH struggled to clear the $1,420 level and reacted sharply to the downside.

There was a major decline below the $1,350 and $1,320 levels. Besides, there was a break below a key bullish trend line with support near $1,325 on the hourly chart of ETH/USD. The pair even broke the $1,300 level and settled well below the 100 hourly simple moving average .

Ether price traded to a new weekly low at $1,219 and is currently consolidating losses. It is testing the 23.6% Fib retracement level of the recent decline from the $1,419 swing high to $1,219 low.

On the upside, the price is facing resistance near the $1,285 level. The next major resistance is near $1,320 level. It is close to the 50% Fib retracement level of the recent decline from the $1,419 swing high to $1,219 low. The main resistance sits near the $1,350 level and the 100 hourly SMA.

Source: ETHUSD on TradingView.com

A clear break above $1,350 might start a decent increase towards the $1,420 level. Any more gains may perhaps open the doors for a move towards the $1,500 resistance.

More Losses in ETH?

If ethereum fails to recover above the $1,320 resistance, it could continue to move down. An initial support on the downside is near the $1,240 zone.

The next major support is near $1,220. A downside break below the $1,220 support might spark another sharp decline. In the stated case, ether price might drop towards the $1,150 level 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 – $1,220

Major Resistance Level – $1,320

SHARE THIS POST

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