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Which Zones Can Ethereum Price Test Today?

Which Zones Can Ethereum Price Test Today?

Ethereum price declined towards the $ 530 zone before rising above $ 550 against the US Dollar. Ethereum price is currently facing strong resistance near the $ 580 level and the 100 hourly SMA, according to successful analyst Aayush Jindal.

  • Ethereum price started a strong recovery wave above the $ 550 and $ 560 resistance levels.
  • The price is currently facing hurdles near the $ 580 level and the 100 hourly simple moving average.
  • There is a major bearish trend line showing resistance near $ 584 on the hourly chart of ETH / USD (data flow via Kraken).
  • The pair should cross the 100 hourly SMA, $ 580 and $ 584 to start a strong increase in the pair.

Analyst: Ethereum price faces strong resistance near 100 hourly SMA

There was a negative movement in Bitcoin and Ethereum below $ 18,000 and $ 550. Ethereum price even broke the $ 540 support level and settled well below the 100 hourly simple moving average. ETH traded as low as $ 529 before starting a good upward move. There was a sharp recovery wave above the $ 540 and $ 550 levels.

Ethereum Price Chart
Ethereum Price Chart

Ethereum price even broke the $ 560 resistance, but encountered strong resistance near the $ 580 zone and the 100 hourly simple moving average. There is also a major bearish trend line showing resistance near $ 584 on the hourly chart of the ETH / USD pair. The pair is currently consolidating above the $ 560 support. At the same time, the 23.6% Fib retracement level of the last recovery rose from the $ 529 high to $ 577 high.

Here are the critical levels that Ethereum can test in the short term.

The next major support is near the $ 550 level or the 50% Fib retracement level of the recent recovery, according to the analyst. On the upside, the price is facing a strong resistance near $ 580 and the 100 hourly simple moving average. To start a steady rise, Ether must exceed the 100 hourly SMA, $ 580 and $ 584. The next major resistance is near the $ 600 level.

Grayscale Purchases 100,000 Ethereum!
Grayscale Purchases 100,000 Ethereum!

If Ethereum fails to cross the $ 580 and $ 585 resistance levels, it could initiate a new decline, according to the analyst. A clear break below the $ 560 support zone could trigger a bearish wave, according to the analyst. The next major support is near the $ 550 zone, which will trigger a larger drop. In the stated situation, the price could even break the $ 529 level.

Current outlook of Ethereum price with technical indicators

Hourly MACD: The MACD for ETH / USD is losing momentum in the bullish zone.

Hourly RSI: The RSI for ETH / USD is currently above the 50 level.

Major Support Level: $ 560.

Major Resistance Level: $ 580.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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