{"id":14623,"date":"2022-12-23T04:56:07","date_gmt":"2022-12-23T08:56:07","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14623"},"modified":"2022-12-23T04:56:07","modified_gmt":"2022-12-23T08:56:07","slug":"ethereum-price-key-trend-is-forming-and-swift-recovery-could-occur","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/23\/ethereum-price-key-trend-is-forming-and-swift-recovery-could-occur\/","title":{"rendered":"Ethereum Price Key Trend is Forming and Swift Recovery Could Occur"},"content":{"rendered":"

Ethereum is attempting an upside break above the $1,230 resistance against the US Dollar. ETH could start a strong increase if it settles above the $1,230 and $1,250 resistance levels.<\/em><\/p>\n

Ethereum tested the $1,180 level and climbed higher sharply.
\nThe price is now trading above $1,200 and the 100 hourly simple moving average.
\nThere was a break above a key contracting triangle with resistance near $1,215 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could gain bullish momentum if there is a clear move above $1,230 and $1,250.<\/p>\n

Ethereum Price Eyes Fresh Rally<\/h2>\n

Ethereum price started a downside correction from the $1,230 resistance zone. ETH spiked below the $1,200 support zone and the 100 hourly simple moving average.<\/p>\n

However, the bulls were active above the $1,160 support zone. A low was formed near $1,180 and the price climbed higher sharply, similar to bitcoin<\/a>. There was a strong move above the $1,200 level. Besides, there was a break above a key contracting triangle with resistance near $1,215 on the hourly chart of ETH\/USD.<\/p>\n

Ether price is now trading above $1,200 and the 100 hourly simple moving average<\/a>. It is now trading just below the 23.6% Fib retracement level of the recent wave from the $1,180 swing low to $1,237 high.<\/p>\n

An immediate resistance is near the $1,230 level. The next major resistance is near the $1,250 level. A clear upside break above the $1,250 resistance could start a strong upward move. In the stated case, the price may perhaps rise towards the $1,300 resistance.<\/p>\n

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

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

The next major resistance could be $1,350. If the bulls clear the $1,350 resistance, the price might rise towards $1,400. Any more gains might send the price towards the $1,500 resistance zone.<\/p>\n

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

If ethereum fails to climb above the $1,250 resistance, it could start another drop. An initial support on the downside is near the $1,210 level and the 100 hourly simple moving average.<\/p>\n

The next major support is near the $1,200 level. It is close to the 61.8% Fib retracement level of the recent wave from the $1,180 swing low to $1,237 high. A downside break below $1,200 might spark a move towards the $1,150 support. Any more losses could lead the price towards the $1,100 zone.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now losing 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 $1,200<\/p>\n

Major Resistance Level \u2013 $1,230<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum is attempting an upside break above the $1,230 resistance against the US Dollar. ETH could start a strong increase if it settles above the $1,230 and $1,250 resistance levels.<\/em><\/p>\n

Ethereum tested the $1,180 level and climbed higher sharply.
\nThe price is now trading above $1,200 and the 100 hourly simple moving average.
\nThere was a break above a key contracting triangle with resistance near $1,215 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could gain bullish momentum if there is a clear move above $1,230 and $1,250.<\/p>\n

Ethereum Price Eyes Fresh Rally<\/h2>\n

Ethereum price started a downside correction from the $1,230 resistance zone. ETH spiked below the $1,200 support zone and the 100 hourly simple moving average.<\/p>\n

However, the bulls were active above the $1,160 support zone. A low was formed near $1,180 and the price climbed higher sharply, similar to bitcoin<\/a>. There was a strong move above the $1,200 level. Besides, there was a break above a key contracting triangle with resistance near $1,215 on the hourly chart of ETH\/USD.<\/p>\n

Ether price is now trading above $1,200 and the 100 hourly simple moving average<\/a>. It is now trading just below the 23.6% Fib retracement level of the recent wave from the $1,180 swing low to $1,237 high.<\/p>\n

An immediate resistance is near the $1,230 level. The next major resistance is near the $1,250 level. A clear upside break above the $1,250 resistance could start a strong upward move. In the stated case, the price may perhaps rise towards the $1,300 resistance.<\/p>\n

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

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

The next major resistance could be $1,350. If the bulls clear the $1,350 resistance, the price might rise towards $1,400. Any more gains might send the price towards the $1,500 resistance zone.<\/p>\n

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

If ethereum fails to climb above the $1,250 resistance, it could start another drop. An initial support on the downside is near the $1,210 level and the 100 hourly simple moving average.<\/p>\n

The next major support is near the $1,200 level. It is close to the 61.8% Fib retracement level of the recent wave from the $1,180 swing low to $1,237 high. A downside break below $1,200 might spark a move towards the $1,150 support. Any more losses could lead the price towards the $1,100 zone.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now losing 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 $1,200<\/p>\n

Major Resistance Level \u2013 $1,230<\/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-14623","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\/14623","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=14623"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14623\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14623"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}