{"id":14970,"date":"2022-12-29T09:54:54","date_gmt":"2022-12-29T13:54:54","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14970"},"modified":"2022-12-29T09:54:54","modified_gmt":"2022-12-29T13:54:54","slug":"ethereum-price-lacks-momentum-above-1200-why-bears-are-comfortable","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/29\/ethereum-price-lacks-momentum-above-1200-why-bears-are-comfortable\/","title":{"rendered":"Ethereum Price Lacks Momentum Above $1,200: Why Bears Are Comfortable"},"content":{"rendered":"

Ethereum started a fresh decline below the $1,200 zone against the US Dollar. ETH might correct higher, but the bears could remain active near $1,230.<\/em><\/p>\n

Ethereum extended its decline and traded towards the $1,180 support zone.
\nThe price is now trading below $1,200 and the 100 hourly simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $1,200 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could correct higher, but upsides might remain capped near the $1,210 and $1,230 levels.<\/p>\n

Ethereum Price Faces Resistance<\/h2>\n

Ethereum price started a fresh decline from the key $1,230 resistance zone<\/a>. ETH declined below the $1,210 support zone and the 100 hourly simple moving average.<\/p>\n

The price even extended its decline below the $1,200 level. It tested the $1,180 level. A low is formed near $1,180 and the price is now correcting losses. There was a minor move above the $1,192 level. Ether price climbed above the 23.6% Fib retracement level of the downward move from the $1,232 swing high to $1,180 low.<\/p>\n

Ether price is now trading below $1,200 and the 100 hourly simple moving average, similar to bitcoin<\/a>. There is also a connecting bearish trend line forming with resistance near $1,200 on the hourly chart of ETH\/USD.<\/p>\n

An immediate resistance is near the $1,200 level. It is near the 50% Fib retracement level of the downward move from the $1,232 swing high to $1,180 low. The next major resistance is near the $1,220 level. The first major resistance is near $1,230.<\/p>\n

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

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

A close above the $1,230 resistance could start a steady increase. In the stated case, the price may perhaps rise towards the $1,250 resistance. The next major resistance could be $1,300, above which the price might rise towards the $1,350 resistance zone.<\/p>\n

More Losses in ETH?<\/h2>\n

If ethereum fails to climb above the $1,210 resistance, it could start another drop. An initial support on the downside is near the $1,180 level.<\/p>\n

The next major support is near the $1,165 level. A downside break below $1,165 might send the price towards the $1,100 support. Any more losses might call for a test of the $1,055 zone.<\/p>\n

Technical Indicators<\/p>\n

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

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

Major Support Level \u2013 $1,180<\/p>\n

Major Resistance Level \u2013 $1,210<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum started a fresh decline below the $1,200 zone against the US Dollar. ETH might correct higher, but the bears could remain active near $1,230.<\/em><\/p>\n

Ethereum extended its decline and traded towards the $1,180 support zone.
\nThe price is now trading below $1,200 and the 100 hourly simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $1,200 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could correct higher, but upsides might remain capped near the $1,210 and $1,230 levels.<\/p>\n

Ethereum Price Faces Resistance<\/h2>\n

Ethereum price started a fresh decline from the key $1,230 resistance zone<\/a>. ETH declined below the $1,210 support zone and the 100 hourly simple moving average.<\/p>\n

The price even extended its decline below the $1,200 level. It tested the $1,180 level. A low is formed near $1,180 and the price is now correcting losses. There was a minor move above the $1,192 level. Ether price climbed above the 23.6% Fib retracement level of the downward move from the $1,232 swing high to $1,180 low.<\/p>\n

Ether price is now trading below $1,200 and the 100 hourly simple moving average, similar to bitcoin<\/a>. There is also a connecting bearish trend line forming with resistance near $1,200 on the hourly chart of ETH\/USD.<\/p>\n

An immediate resistance is near the $1,200 level. It is near the 50% Fib retracement level of the downward move from the $1,232 swing high to $1,180 low. The next major resistance is near the $1,220 level. The first major resistance is near $1,230.<\/p>\n

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

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

A close above the $1,230 resistance could start a steady increase. In the stated case, the price may perhaps rise towards the $1,250 resistance. The next major resistance could be $1,300, above which the price might rise towards the $1,350 resistance zone.<\/p>\n

More Losses in ETH?<\/h2>\n

If ethereum fails to climb above the $1,210 resistance, it could start another drop. An initial support on the downside is near the $1,180 level.<\/p>\n

The next major support is near the $1,165 level. A downside break below $1,165 might send the price towards the $1,100 support. Any more losses might call for a test of the $1,055 zone.<\/p>\n

Technical Indicators<\/p>\n

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

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

Major Support Level \u2013 $1,180<\/p>\n

Major Resistance Level \u2013 $1,210<\/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-14970","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\/14970","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=14970"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14970\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14970"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}