RLinda ! ETHUSDT-> The market is more confident than lately
Updated
Ethereum is feeling very confident after the US Federal Reserve's rate hike. The price is in the 1550-1600 range. ETH is growing and may soon overcome the $1,600 resistance zone.
(Chart 1: ETHUSDT 1H. Demonstration of potential and trend MA)
(Chart 2: two ETH 1H charts, the first showing the drop after the merger, the second showing the drop after the rate hike. Let's compare the difference)
Wednesday's sell-off was slower than what was reported during the merger. That is why, despite the unfavorable Fed announcement, there is still great value from last week's gains in the crypto market.
As long as there isn't a dramatic shift in investor sentiment leading to massive sell-offs at the moment, Ethereum will likely continue to hold above $1,500 and aim toward $1,600.
(Chart 3: ETHUSDT 1H. Demonstration of key support and resistance zones)
After the rate hike, the price returned to retest support, but never reached the key 1488 zone, in addition, there was a false break of 1525 support, after which the bulls were able to push the price above the 1548 level and drive it into the 1560-1580 range
The next major resistance is near the $1,600 level. A clear break above the $1,600 resistance could set the pace for a decent rise. In the said case, the price could rise to the $1,640 level, then to $1676. A further rise could send the price to the resistance zone of $1722 and 1789.
(Chart 4: ETHUSDT 1D demonstration of a strong trend line and MA-200 as resistance)
A new drop in ETH?
Ethereum has a strong resistance ahead of it, which was last trekked in April 2022 and was followed by a strong fall of 75%
If ethereum fails to rise above the $1,600 resistance level, a new decline could begin. The initial downside support is near $1,500, with the next one at $1,450.
(Chart 5: ETHUSDT 1H technical indicators)
Technical indicators
(Chart 6: ETHUSDT 1H local situation. Breakout of resistance and further targets)
Regards R.Linda!
(Chart 1: ETHUSDT 1H. Demonstration of potential and trend MA)
- -ETH finds support for itself in the form of trending MA-50 and MA-200 (1 hour)
- -Ethereum has tested the $1503 support zone and continues to strengthen.
- -The price breaks an important one-hour bearish channel line with resistance around $1,560
- -Ahead of key resistance from the November 2021 daily chart
- - Ethereum price, like popularity, is gaining momentum
(Chart 2: two ETH 1H charts, the first showing the drop after the merger, the second showing the drop after the rate hike. Let's compare the difference)
Wednesday's sell-off was slower than what was reported during the merger. That is why, despite the unfavorable Fed announcement, there is still great value from last week's gains in the crypto market.
As long as there isn't a dramatic shift in investor sentiment leading to massive sell-offs at the moment, Ethereum will likely continue to hold above $1,500 and aim toward $1,600.
(Chart 3: ETHUSDT 1H. Demonstration of key support and resistance zones)
After the rate hike, the price returned to retest support, but never reached the key 1488 zone, in addition, there was a false break of 1525 support, after which the bulls were able to push the price above the 1548 level and drive it into the 1560-1580 range
The next major resistance is near the $1,600 level. A clear break above the $1,600 resistance could set the pace for a decent rise. In the said case, the price could rise to the $1,640 level, then to $1676. A further rise could send the price to the resistance zone of $1722 and 1789.
(Chart 4: ETHUSDT 1D demonstration of a strong trend line and MA-200 as resistance)
A new drop in ETH?
Ethereum has a strong resistance ahead of it, which was last trekked in April 2022 and was followed by a strong fall of 75%
If ethereum fails to rise above the $1,600 resistance level, a new decline could begin. The initial downside support is near $1,500, with the next one at $1,450.
(Chart 5: ETHUSDT 1H technical indicators)
Technical indicators
- Hourly MACD is now gaining in the bearish zone
- Hourly RSI is above the 50 level, indicating market sentiment
- The main support zone is $1540-1550.
- Main resistance area is $1638-1676.
(Chart 6: ETHUSDT 1H local situation. Breakout of resistance and further targets)
- Etherium on bullish momentum moves out of range and breaks resistance at $1573
- Consolidation in the long zone is forming, hinting to us about possible growth.
- The short-term target will be trend resistance in the 1640 area.
- The medium-term target is the resistance of 1676
Regards R.Linda!
Note
Boooom! +7% on NPS news. ETH is testing resistance at 1676 with a false-break, but an attempt to retest the resistance ends on a retest of the trend line from November 2021. What will happen next?
1) If the price cannot break through the downtrend resistance and it consolidates under the level and heads down, the decline might move towards 1500
2) If the price moves between the horizontal resistance 1676 and the descending resistance and the range 1650-1675 is formed, then there is a good chance that the growth will continue
The market is showing very interesting and unpredictable maneuvers. Let's continue to follow it
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