Ethereum Price Could Avoid a Major Drop if it Closes Above $1,250
- Teresa Bach
- November 28, 2022
- 0 Comments
Ethereum failed to clear the $1,250 resistance against the US Dollar. ETH is moving lower and might decline heavily if it breaks the $1,140 support.
Ethereum struggled to gain pace for a move above the $1,250 resistance level.
The price is now trading below $1,180 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bearish momentum if there is no clear move above $1,230 and $1,250.
Ethereum Price Dips Again
Ethereum price attempted an upside break above the $1,230 resistance. However, ETH failed to gain pace and stayed below the $1,250 resistance. There was a fresh bearish reaction from the $1,235 high, similar to bitcoin.
There was a move below the $1,210 and $1,200 support levels. Besides, there was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH/USD. The bears pushed the pair towards the 50% Fib retracement level of the upward move from the $1,073 swing low to $1,235 high.
Ether price is now trading below $1,180 and the 100 hourly simple moving average. It seems to be consolidating near the $1,170 level. An immediate resistance on the upside is near the $1,200 level and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,230 level. The main hurdle sits near the $1,250 level. To start a decent increase and avoid more losses, the price must settle above $1,250. In the stated case, ether price may perhaps rise towards the $1,320 resistance zone. Any more gains might send the price towards the $1,400 resistance zone.
More Losses in ETH?
If ethereum fails to climb above the $1,200 resistance, it could continue to move down. An initial support on the downside is near the $1,155 level.
The next major support is near the $1,135 level or the 61.8% Fib retracement level of the upward move from the $1,073 swing low to $1,235 high, below which ether price may perhaps gain bearish momentum. In the stated scenario, the price could drop towards the $1,075 support zone.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 40 level.
Major Support Level – $1,135
Major Resistance Level – $1,200