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TA: Ethereum Avoids a Major Downtrend, Bulls Eye Crucial Breakout

TA: Ethereum Avoids a Major Downtrend, Bulls Eye Crucial Breakout

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Ethereum started an upward correction above $1,250 against the US dollar after the XRP rally. ETH could gain some upside momentum if it clears the $1,400 resistance.

  • Ethereum started a wave of recovery above the $1,250 and $1,300 levels.
  • The price is now trading above $1,300 and the 100 hourly simple moving average.
  • A significant bearish trendline is forming on the hourly chart of ETH/USD with resistance near $1,385 (data feed via Kraken).
  • The pair may recover further, clearing the key $1,400 resistance area.

Ethereum price recovers

Ethereum managed to stay above the $1,220 support area. ETH started an upward correction above the $1,250 level after ripple’s xrp started a strong rally.

Ether price was able to clear the $1,260 and $1,280 resistance levels. There was a break above the 50% Fib retracement level on the decline from the $1,420 swing high to $1,220. It is now trading above $1,300 and the 100 hourly simple moving average.

It looks like the price is trading in positive territory above the $1,320 level. On the upside, the price faces resistance near the $1,380 level.

A significant bearish trendline is also forming on the ETH/USD hourly chart with resistance near $1,385. The trendline is near the 76.4% Fib retracement level on the decline from the $1,420 swing high to $1,220.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,400 level. A clear break above $1,400 could initiate a reasonable rally towards the $1,450 level. Any further gains could perhaps open the door to a move towards the $1,500 resistance.

ETH’s New Bill?

If ethereum fails to recover above the $1,400 resistance, it could start another decline. Initial support on the downside is near the $1,330 zone and the 100-hour simple moving average.

The next major support is near the $1,288 level. A break below the $1,288 support could trigger another sharp decline. In the mentioned case, the price of Ether may fall towards the $1,220 level in the near future. Any further losses may increase selling and the price may fall to $1,150.

Technical indicators

Hourly MACDThe ETH/USD MACD is now gaining momentum in the bullish zone.

Hourly RSIThe relative strength index of ETH/USD is now above 50.

Major support level – $1,288

Major resistance level – $1,400

Source: NewsBTC.com



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