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4 July 2022
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Ethereum

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.

Ethereum Price
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

News Source

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