Ethereum Revisited Key Support Line, Bulls Prepare To Protect

Ethereum revisited key support line with the bulls preparing to protect the key level as we can see more today in our latest Ethereum news.

Ethereum revisited key support line after starting a new decline below $1200 and ETH could further decline if there’s a close below $1150. the price is now trading below the $1200 level and the 100 hourly simple moving average but there’s also a major bearish trend line with the resistance near $1180 on the hourly chart of the pair which can continue to decline if there’s a close below the $1150 level.

Ethereum tried an upside break above the $1275 resistance and then failed to extend the gains while starting a new decline below this level. There was a clear move below the $1200 level and the 100 hourly simple moving average so the ETH price traded below the 50% fib retracement level of the $1076 low to $1276 high so it is now struggling to stay above the $1150 support. The price is consolidating near the 61.85 fib retracement level from the $1076 low to the $1276 high and there’s also a major bearish trend line forming near the resistance of $1180 on the charts of the pair.

The immediate resistance on the upside is near $1175 and the next major resistance is close to the trend line at $1180 where the price could rise to $1220. the key barrier is still near the $1280 level above which the price can again some power and in the stated case, the price can hit $1350. if ETH fails to rise above the $1180 resistance, it can continue moving down and the initial support will be near the $1123 zone but the next major support will be near the $1080 zone. The downside break below this support could send the price lower and in the stated case, the price can decline to the $1020 level so if the price fails to stay above it, it can slide even below $950. The hourly MACD for the pair is gaining momentum in the bearish zone and the hourly RSI for rthe pair is below 50.

As recently reported, Despite the recent volatility, BTC managed to sustain above $20,000 and most altcoins were in the green as well with ETH spiking to a 10-day high at $1200. last week ended on a highly volatile note and BTC surged by  $2000 in minutes to under $21000 but now it this turned out to be a fake breakout as the crypto retraced just as fast.