{"id":12570,"date":"2022-11-23T05:53:14","date_gmt":"2022-11-23T09:53:14","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=12570"},"modified":"2022-11-23T05:53:14","modified_gmt":"2022-11-23T09:53:14","slug":"ethereum-price-scores-bullish-moves-can-eth-sustain-this-recovery","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/23\/ethereum-price-scores-bullish-moves-can-eth-sustain-this-recovery\/","title":{"rendered":"Ethereum Price Scores Bullish Moves, Can ETH Sustain This Recovery?"},"content":{"rendered":"

Ethereum found support near $1,070 and recovered above $1,150 against the US Dollar. ETH could rise further, but upsides might face hurdles near $1,200 and $1,230.<\/em><\/p>\n

Ethereum started an upside correction from the $1,070 and $1,080 support levels.
\nThe price is now trading above $1,120 and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $1,140 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could rise further towards $1,200 or even $1,230 in the near term.<\/p>\n

Ethereum Price Recovers<\/h2>\n

Ethereum price remained well bid near the last swing low at $1,070, similar to bitcoin<\/a>. ETH formed a base above the $1,070 and $1,080 levels before it started an upside correction.<\/p>\n

There was a decent recovery wave above the $1,120 and $1,140 resistance levels. Ether price jumped above the 50% Fib retracement level of the key drop from the $1,232 swing high to $1,073 low. Besides, there was a break above a major bearish trend line with resistance near $1,140 on the hourly chart of ETH\/USD.<\/p>\n

The price is now trading above $1,120 and the 100 hourly simple moving average<\/a>. An immediate resistance on the upside is near the $1,170 level. It is close to the 61.8% Fib retracement level of the key drop from the $1,232 swing high to $1,073 low.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

The next major resistance is near the $1,200 level. A clear break above the $1,200 resistance could send the price towards the $1,230 resistance zone. Any more gains might open the doors for a test of the $1,300 resistance zone.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If ethereum fails to climb above the $1,200 resistance, it could start another decline. An initial support on the downside is near the $1,150 level and the 100 hourly simple moving average.<\/p>\n

The next major support is near the $1,120 level, below which ether price may perhaps decline further. In the stated scenario, the price could decline towards the $1,070 support zone in the near term. Any more losses might call for a move towards the main $1,000 support in the coming sessions.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,120<\/p>\n

Major Resistance Level \u2013 $1,200<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum found support near $1,070 and recovered above $1,150 against the US Dollar. ETH could rise further, but upsides might face hurdles near $1,200 and $1,230.<\/em><\/p>\n

Ethereum started an upside correction from the $1,070 and $1,080 support levels.
\nThe price is now trading above $1,120 and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $1,140 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could rise further towards $1,200 or even $1,230 in the near term.<\/p>\n

Ethereum Price Recovers<\/h2>\n

Ethereum price remained well bid near the last swing low at $1,070, similar to bitcoin<\/a>. ETH formed a base above the $1,070 and $1,080 levels before it started an upside correction.<\/p>\n

There was a decent recovery wave above the $1,120 and $1,140 resistance levels. Ether price jumped above the 50% Fib retracement level of the key drop from the $1,232 swing high to $1,073 low. Besides, there was a break above a major bearish trend line with resistance near $1,140 on the hourly chart of ETH\/USD.<\/p>\n

The price is now trading above $1,120 and the 100 hourly simple moving average<\/a>. An immediate resistance on the upside is near the $1,170 level. It is close to the 61.8% Fib retracement level of the key drop from the $1,232 swing high to $1,073 low.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

The next major resistance is near the $1,200 level. A clear break above the $1,200 resistance could send the price towards the $1,230 resistance zone. Any more gains might open the doors for a test of the $1,300 resistance zone.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If ethereum fails to climb above the $1,200 resistance, it could start another decline. An initial support on the downside is near the $1,150 level and the 100 hourly simple moving average.<\/p>\n

The next major support is near the $1,120 level, below which ether price may perhaps decline further. In the stated scenario, the price could decline towards the $1,070 support zone in the near term. Any more losses might call for a move towards the main $1,000 support in the coming sessions.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,120<\/p>\n

Major Resistance Level \u2013 $1,200<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-12570","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=12570"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12570\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=12570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=12570"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=12570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}