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Wednesday, November 29, 2023
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    HomeMarketEthereum Bulls Face Crucial Test: Will $1,550 Withstand the Pressure?

    Ethereum Bulls Face Crucial Test: Will $1,550 Withstand the Pressure?

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    Ethereum value is consolidating above the $1,550 assist in opposition to the US greenback. ETH might decline closely if the bulls fail to guard $1,550 and $1,540.

    • Ethereum is struggling to start out a restoration wave from $1,550.
    • The worth is buying and selling under $1,585 and the 100-hourly Easy Transferring Common.
    • There are two bearish development strains forming with resistance close to $1,565 and $1,590 on the hourly chart of ETH/USD (information feed by way of Kraken).
    • The pair might begin a restoration wave if the bulls defend the $1,550 assist zone.

    Ethereum Value Faces Resistance

    Ethereum remained in a bearish zone under the $1,600 resistance zone. ETH continues to be consolidating above the $1,550 assist and displaying bearish indicators, like Bitcoin.

    The latest low was shaped close to $1,542 earlier than the worth began a consolidation section. The worth spiked as soon as above the 23.6% Fib retracement degree of the important thing decline from the $1,665 swing excessive to the $1,542 low, however upsides had been restricted.

    Ethereum is now buying and selling under $1,585 and the 100-hourly Easy Transferring Common. There are additionally two bearish development strains forming with resistance close to $1,565 and $1,590 on the hourly chart of ETH/USD.

    On the upside, the worth would possibly face resistance close to the $1,565 degree and the primary development line. The primary main resistance is close to the second development line, $1,590, and the 100-hourly Easy Transferring Common. The next resistance is near $1,600 or the 50% Fib retracement degree of the important thing decline from the $1,665 swing excessive to the $1,542 low.

    Ethereum Price

    Supply: ETHUSD on TradingView.com

    A transparent transfer above the $1,600 resistance would possibly begin a short-term restoration wave. Within the acknowledged case, Ether might rise and get better towards the $1,665 resistance. Any extra positive factors would possibly open the doorways for a transfer towards $1,750.

    Extra Losses in ETH?

    If Ethereum fails to clear the $1,600 resistance, it might proceed to maneuver down. Preliminary assist on the draw back is close to the $1,550 degree. The following key assist is $1,540.

    A draw back break under the $1,540 assist would possibly spark one other robust decline. Within the acknowledged case, the worth might drop towards the $1,420 degree. Any extra losses could maybe ship Ether towards the $1,350 degree.

    Technical Indicators

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

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

    Main Help Degree – $1,540

    Main Resistance Degree – $1,600



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