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Thursday, February 2, 2023
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    HomeMarketETH Below 100 SMA Could Trigger Downside

    ETH Below 100 SMA Could Trigger Downside

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    Ethereum is dealing with resistance above $1,220 towards the US Greenback. ETH might begin one other decline if it fails to remain above $1,200 and the 100 hourly SMA.

    • Ethereum began an upside correction above the $1,180 resistance zone.
    • The worth is now buying and selling above $1,200 and the 100 hourly easy shifting common.
    • There’s a short-term contracting triangle with resistance close to $1,220 on the hourly chart of ETH/USD (knowledge feed through Kraken).
    • The pair might begin one other upward transfer if there’s a wave above the $1,220 resistance.

    Ethereum Value Eyes Restoration

    Ethereum worth discovered help close to the $1,150 zone and began a restoration wave. ETH was capable of clear the $1,180 and $1,190 ranges. The worth even climbed above the $1,200 degree and the 100 hourly easy shifting common, just like bitcoin.

    A excessive was fashioned close to $1,230 earlier than the worth began a consolidation section. Ether worth is now buying and selling close to the 23.6% Fib retracement degree of the current improve from the $1,150 swing low to $1,230 excessive.

    The worth is now buying and selling above $1,200 and the 100 hourly easy shifting common. There’s additionally a short-term contracting triangle with resistance close to $1,220 on the hourly chart of ETH/USD. The primary main resistance is close to the $1,220 degree.

    Ethereum Price

    Supply: ETHUSD on TradingView.com

    A transparent upside break above the $1,220 resistance after which a transfer above the $1,230 degree might provoke a good improve. The following main resistance might be $1,260. If the bulls clear the $1,260 resistance, the worth would possibly rise in the direction of $1,300. Any extra positive factors would possibly ship the worth in the direction of the $1,350 resistance zone. An intermediate resistance might be close to the $1,320 degree.

    Recent Drop in ETH?

    If ethereum fails to climb above the $1,220 resistance, it might begin one other bearish wave. An preliminary help on the draw back is close to the $1,200 degree.

    The following main help is close to the $1,190 degree or the 50% Fib retracement degree of the current improve from the $1,150 swing low to $1,230 excessive. A transparent draw back break beneath $1,190 would possibly push the worth decrease in the direction of the $1,150 help. Any extra losses may lead the worth in the direction of the $1,100 help.

    Technical Indicators

    Hourly MACDThe MACD for ETH/USD is now shedding momentum within the bullish zone.

    Hourly RSIThe RSI for ETH/USD is now above the 50 degree.

    Main Assist Degree – $1,190

    Main Resistance Degree – $1,220



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