Skip to main content

TA: Ethereum Reaches Crucial Juncture, Can The Bulls Make it

Ethereum formed a base near $1,740 and started a recovery wave against the US Dollar. ETH is now facing a major resistance near the $1,900 zone.

  • Ethereum started a recovery wave above the $1,800 and $1,820 levels.
  • The price is now trading above $1,820 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $1,900 and $1,920 resistance levels to continue higher.
Ethereum Price Eyes Upside Break

Ethereum extended decline below the $1,800 level. However, the bulls were active above the $1,700 level. The price consolidated near the $1,740 level before it started a decent upward move.

There was a clear move above the $1,800 resistance zone. Ether price surpassed the 50% Fib retracement level of the downward move from the $1,910 swing high to $1,700 base. Besides, there was a break above a major bearish trend line with resistance near $1,820 on the hourly chart of ETH/USD.

The price is now trading well above $1,820 and the 100 hourly simple moving average. It is also consolidating above the 76.4% Fib retracement level of the downward move from the $1,910 swing high to $1,700 base.

Source: ETHUSD on TradingView.com

On the upside, an initial resistance is near the $1,900 level. The next major resistance is near the $1,920 level. A proper upside break above the $1,920 resistance might start a decent increase. In the stated case, ether price could rise towards the $2,000 resistance zone. Any more gains may perhaps send it towards the main $2,085 resistance zone.

Fresh Decline in ETH?

If ethereum fails to continue higher above the $1,920 resistance, it could start a fresh decline. An initial support on the downside is near the $1,840 zone.

The next major support is near the $1,820 level and the 100 hourly simple moving average. A downside break below the $1,820 level might call for another sharp decline. In the stated case, the price could revisit the $1,720 support zone in the near term. The next major support sits near $1,700.

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 well above the 60 level.

Major Support Level – $1,820

Major Resistance Level – $1,920



from NewsBTC https://ift.tt/LlgWcZh
via IFTTT
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

DeFi isn’t dead, it just needs to fix these 3 critical problems

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges  decentralized finance  face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival.  Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you thi...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

National Futures Association adds rules for members handling digital assets

The CFTC-linked self-regulatory organization (SRO) has disclosure rules for members engaging in activities with BTC and ETH; now, standards of conduct are being added. The National Futures Association (NFA), the United States self-regulatory organization for derivatives markets, has issued a new compliance rule addressing members’ conduct. The new rule complements requirements issued in 2018. The NFA has “well over 100” members that engage in activities with digital asset commodities, but no way to address fraud or misconduct committed by those members, the organization explained to secretary of the Commodity Futures Trading Commission (CFTC) Christopher Kirkpatrick in a Feb. 28 letter as it submitted the proposed new rule for approval. The new rule is modelled on the NFA’s antifraud rules for exchange traded futures and swaps transaction and retail foreign exchange. The NFA is the only registered self-regulatory organization that has delegated authority from the CFTC, giving it a...
Post a Comment
Read more