TA: Ethereum Recovery Could Gain Pace If It Clears This Resistance

TA: Ethereum Recovery Could Gain Pace If It Clears This Resistance

Ethereum dived towards the $880 support against the US Dollar. ETH is recovering and eyeing an upside break above the $1,150 resistance zone.

  • Ethereum started a decent recovery wave from the $880 support zone.
  • The price is now trading above $1,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $980 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a decent increase if it clears the key $1,150 resistance zone.

Ethereum Price Faces Hurdles

Ethereum remained in a bearish zone below the $1,050 level. ETH extended losses and traded below the $1,000 support. There was a sharp decline below the $950 level.

The price tested the $880 support before the bulls appeared. A low was formed near $880 and the price started a decent increase. There was a move above the $950 and $960 resistance levels. Ether cleared the 50% Fib retracement level of the downward move from the $1,256 swing high to $880 low.

Besides, there was a break above a major bearish trend line with resistance near $980 on the hourly chart of ETH/USD. The pair even climbed above the $1,100 level.

However, the bears appeared near the $1,150 resistance. Ether failed to clear the 76.4% Fib retracement level of the downward move from the $1,256 swing high to $880 low. The price is now consolidating near the $1,080 level and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

An immediate resistance is near the $1,100 level. The next major resistance is near the $1,150 zone. A clear move above the $1,150 resistance zone may perhaps start a decent upward move. The next major resistance is near the $1,255 level. Any more gains could start a move towards the $1,320 resistance.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,150 resistance, it could start a fresh decline. An initial support on the downside is near the $1,040 zone.

The next major support is near the $1,000 zone. A clear move and break below the $1,000 zone could start a major decline. In the stated case, the price could revisit the $880 support zone in the near term.

Technical Indicators

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

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

Major Support Level – $1,000

Major Resistance Level – $1,150

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: