ETH is currently facing horizontal resistance at $1220, which was previously supported.
a spinning top pattern on the 4 hour chart.
Ethereum remained bearish against the dollar, trading below the $1,250 barrier level. ETH is trying a recovery wave, but the 100 hourly SMA is the key. The price of Ethereum has moved into a bearish zone below the $1,250 pivot mark. ETH, like bitcoin, has gained bearish momentum below the $1,200 level and the 100 hourly simple moving average.
The price increased and tested the $1,150 support level. The bears made two failed attempts to push the price of ether below the $1,150 support level. The recent low was near $1,150, and the price began a short-term upward correction.
There was a break above the $1,165 resistance level. Furthermore, on the hourly chart of ETH/USD, there was a break above a key bearish trend line with resistance near $1,165.
The price of ether is now facing resistance near $1,220 and the 200 four hour simple moving average. It is near to the 23.6% Fib retracement level of the main decline from the swing high of $1,353 to the low of $1,150.
The first major resistance is located near $1,220. A closing over the $1,220 resistance level might signal the start of a strong recovery wave. The next big resistance level might be $1,250, or the 50% Fib retracement level of the main fall from the swing high of $1,353 to the low of $1,150. If the bulls cross the $1,250 barrier, the price can move towards $1,300. Any further advances might push the price up to the $1,350 barrier level.
If ethereum fails to break over the $1,200 barrier, it may continue to fall. On the downside, an initial support level of $1,170 appears. The next key support level is around $1,150, below which the price may drop to $1,100. Any additional losses may bring the price down to the $1,050 support level.
The market cap of ETH is expected to be $147,921,097,405, according to Crypto Price Analysis. The 24-hour trading volume of the coin is approximately $6,139,530,339. Ethereum's market capitalization has risen by 2.30%. During intraday trading, however, transaction volume increased by 54.85%.
KEY LEVELS :
RESISTANCE LEVEL : $1,240-$1,280
SUPPORT LEVEL : $1,165-$1,120
After a decline of 15% from recent high, ETH gained support near the $1,150 zone, and a minor rebound seen with ETH trading over $1,200. Will ETH maintain its $1,200 level? Could you please reply?
