{"id":12644,"date":"2022-11-24T05:53:35","date_gmt":"2022-11-24T09:53:35","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=12644"},"modified":"2022-11-24T05:53:35","modified_gmt":"2022-11-24T09:53:35","slug":"ethereum-price-recovers-but-bears-are-not-out-of-the-woods-yet","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/24\/ethereum-price-recovers-but-bears-are-not-out-of-the-woods-yet\/","title":{"rendered":"Ethereum Price Recovers But Bears Are Not Out Of The Woods Yet"},"content":{"rendered":"

Ethereum started a decent recovery wave above $1,150 against the US Dollar. ETH is now approaching a major hurdle near $1,230 and $1,250.<\/em><\/p>\n

Ethereum started an upside correction above the $1,120 and $1,150 resistance levels.
\nThe price is now trading above $1,150 and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $1,190 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could rise further towards $1,230, but the bears might take a strong stand.<\/p>\n

Ethereum Price Faces Hurdle<\/h2>\n

Ethereum price formed a base above the $1,070 level and started a recovery wave, similar to bitcoin<\/a>. ETH slowly moved higher and was able to clear the $1,150 resistance zone.<\/p>\n

The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $1,231 swing high to $1,073 low. Ether price is now trading above $1,150 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,190 on the hourly chart of ETH\/USD.<\/p>\n

The pair seems to be consolidating above the 76.4% Fib retracement level of the downward move from the $1,231 swing high to $1,073 low. An immediate resistance on the upside is near the $1,220 level.<\/p>\n

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

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

The next major resistance is near the $1,230 level and the $1,250 zone. To start a real recovery wave and gain bullish momentum, the price must settle above $1,250. A clear close above the $1,250 resistance could send the price towards the $1,320 resistance zone. Any more gains might open the doors for a test of the $1,400 resistance zone.<\/p>\n

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

If ethereum fails to climb above the $1,250 resistance, it could start another decline. An initial support on the downside is near the $1,190 level and the trend line.<\/p>\n

The next major support is near the $1,150 level and the 100 hourly simple moving average<\/a>, below which ether price may perhaps decline further. In the stated scenario, the price could decline towards the $1,100 support zone in the near term. Any more losses might call for a move towards the main $1,070 support.<\/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 $1,150<\/p>\n

Major Resistance Level \u2013 $1,250<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum started a decent recovery wave above $1,150 against the US Dollar. ETH is now approaching a major hurdle near $1,230 and $1,250.<\/em><\/p>\n

Ethereum started an upside correction above the $1,120 and $1,150 resistance levels.
\nThe price is now trading above $1,150 and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $1,190 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could rise further towards $1,230, but the bears might take a strong stand.<\/p>\n

Ethereum Price Faces Hurdle<\/h2>\n

Ethereum price formed a base above the $1,070 level and started a recovery wave, similar to bitcoin<\/a>. ETH slowly moved higher and was able to clear the $1,150 resistance zone.<\/p>\n

The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $1,231 swing high to $1,073 low. Ether price is now trading above $1,150 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,190 on the hourly chart of ETH\/USD.<\/p>\n

The pair seems to be consolidating above the 76.4% Fib retracement level of the downward move from the $1,231 swing high to $1,073 low. An immediate resistance on the upside is near the $1,220 level.<\/p>\n

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

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

The next major resistance is near the $1,230 level and the $1,250 zone. To start a real recovery wave and gain bullish momentum, the price must settle above $1,250. A clear close above the $1,250 resistance could send the price towards the $1,320 resistance zone. Any more gains might open the doors for a test of the $1,400 resistance zone.<\/p>\n

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

If ethereum fails to climb above the $1,250 resistance, it could start another decline. An initial support on the downside is near the $1,190 level and the trend line.<\/p>\n

The next major support is near the $1,150 level and the 100 hourly simple moving average<\/a>, below which ether price may perhaps decline further. In the stated scenario, the price could decline towards the $1,100 support zone in the near term. Any more losses might call for a move towards the main $1,070 support.<\/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 $1,150<\/p>\n

Major Resistance Level \u2013 $1,250<\/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-12644","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\/12644","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=12644"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12644\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=12644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=12644"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=12644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}