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Ethereum

Ethereum Price Breaking This Confluence Resistance Could Start Recovery

Aayush Jindal by Aayush Jindal
5 months ago
in ETH
Reading Time: 2 mins read

Ethereum remained in a bearish zone below the $1,250 resistance against the US Dollar. ETH is attempting a recovery wave, but the 100 hourly SMA is the key.

  • Ethereum made another to clear the $1,150 support, but the bulls were active.
  • The price is now trading below $1,200 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $1,165 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a decent recovery wave if there is a move above the $1,200 resistance.

Ethereum Price Faces Hurdle

Ethereum price moved into a bearish zone below the $1,250 pivot level. ETH gained bearish momentum below the $1,200 level and the 100 hourly simple moving average, similar to bitcoin.

The price spiked and tested the $1,150 support. The bears made two attempts to push ether price below the $1,150 support, but failed. The recent low was formed near $1,150 and the price started a short-term upside correction.

There was a move above the $1,165 resistance. Besides, there was a break above a key bearish trend line with resistance near $1,165 on the hourly chart of ETH/USD.

Ether price is now facing resistance near $1,200 and the 100 hourly simple moving average. It is close to the 23.6% Fib retracement level of the main decline from the $1,350 swing high to $1,150 low. The first major resistance is near the $1,220 level.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $1,220 resistance might start a decent recovery wave. The next major resistance could be $1,250 or the 50% Fib retracement level of the main decline from the $1,350 swing high to $1,150 low. If the bulls clear the $1,250 barrier, the price might rise towards $1,300. Any more gains might send the price towards the $1,350 resistance zone.

Fresh Decline in ETH?

If ethereum fails to climb above the $1,200 resistance, it could start another bearish wave. An initial support on the downside is near the $1,165 level.

The next major support is near the $1,150 level, below which the price could accelerate lower towards the $1,100 support. Any more losses could lead the price towards the $1,050 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 – $1,150

Major Resistance Level – $1,220

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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