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TA: Ethereum Just Saw Key Technical Correction, But 100 SMA Is Still Strong 2022-09-01

Mumtaz Batool
Mumtaz Batool
5 months ago
2 mins read
Ethereum

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Ethereum failed to stay above the $1,600 resistance against the US Dollar. ETH is correcting lower and must stay above $1,540 to continue higher.

  • Ethereum failed to clear the $1,620 and $1,625 resistance levels.
  • The price is now trading near $1,550 and the 100 hourly simple moving average.
  • There is a major rising channel forming with support near $1,540 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another increase if it stays above the $1,540 and $1,500 support levels.

Ethereum Price Remains Supported

Ethereum attempted an upside break above the $1,620 level, but struggled. The bears were active near the $1,620 zone and the price started a downside correction.

A high was formed near $1,619 before the price corrected lower. There was a drop below the $1,560 level and the 100 hourly simple moving average. However, the bulls were active near the $1,530 and $1,525 levels. A low was formed near $1,530 and the price is now consolidating.

There was a move above $1,550 and the 100 hourly simple moving average. The price climbed above the 50% Fib retracement level of the recent decline from the $1,619 swing high to $1,530 low.

It is now consolidating near $1,550 and the 100 hourly simple moving average. There is also a major rising channel forming with support near $1,540 on the hourly chart of ETH/USD. It is facing resistance near the $1,580 and $1,585 levels.

The 61.8% Fib retracement level of the recent decline from the $1,619 swing high to $1,530 low is also near the $1,585 level. The next major resistance is now forming near the $1,620 level.

Ethereum Price

Source: ETHUSD on TradingView.com

A clear move above the $1,620 level might send the price towards $1,650 resistance. Any more gains may perhaps open the doors for a test of the $1,700 resistance in the near term.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,585 resistance, it could start another decline. An initial support on the downside is near the $1,540 zone and the channel trend line.

The next major support is near $1,500, below which ether price might gain bearish momentum. In the stated case, the price may perhaps decline towards the $1,425 level. Any more losses may perhaps send the price towards the $1,380 zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,540

Major Resistance Level – $1,585

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Mumtaz Batool
Mumtaz Batool

Mumtaz Batool

Mamtaz Batool is a finance and cryptocurrency enthusiast who has been writing about Bitcoin and the blockchain since 2022. She is an author at Bitcoinist and NewsBTC, and she also runs his blog, where he writes about all things related to crypto and finance.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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