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Ethereum Price Recovers But Bears Are Not Out Of The Woods Yet

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Ethereum Price Recovers But Bears Are Not Out Of The Woods Yet

Ethereum started a decent recovery wave above $1,150 against the US Dollar. ETH is now approaching a major hurdle near $1,230 and $1,250.

  • Ethereum started an upside correction above the $1,120 and $1,150 resistance levels.
  • The price is now trading above $1,150 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,190 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further towards $1,230, but the bears might take a strong stand.

Ethereum Price Faces Hurdle

Ethereum price formed a base above the $1,070 level and started a recovery wave, similar to bitcoin. ETH slowly moved higher and was able to clear the $1,150 resistance zone.

The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $1,231 swing high to $1,073 low. Ether price is now trading above $1,150 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,190 on the hourly chart of ETH/USD.

The pair seems to be consolidating above the 76.4% Fib retracement level of the downward move from the $1,231 swing high to $1,073 low. An immediate resistance on the upside is near the $1,220 level.

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Source: ETHUSD on TradingView.com

The next major resistance is near the $1,230 level and the $1,250 zone. To start a real recovery wave and gain bullish momentum, the price must settle above $1,250. A clear close above the $1,250 resistance could send the price towards the $1,320 resistance zone. Any more gains might open the doors for a test of the $1,400 resistance zone.

Fresh Decline in ETH?

If ethereum fails to climb above the $1,250 resistance, it could start another decline. An initial support on the downside is near the $1,190 level and the trend line.

The next major support is near the $1,150 level and the 100 hourly simple moving average, below which ether price may perhaps decline further. In the stated scenario, the price could decline towards the $1,100 support zone in the near term. Any more losses might call for a move towards the main $1,070 support.

Technical Indicators

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Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,150

Major Resistance Level – $1,250

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Analysis

Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows 

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Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows 

Litecoin fell for a third consecutive session on Thursday, as the token continued to move away from recent highs. Cryptocurrencies have been mostly lower in recent days, as traders continue to fear a global recession. Cosmos also remained in the red during today’s session.

Litecoin (LTC)

Litecoin (LTC) dropped to a ten-day low on Thursday, with the token falling for a third straight session.

Following a high of $79.20 on Wednesday, LTC/USD moved to a low of $74.82 earlier in the day’s session.

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As a result of this, the token fell to its lowest point since November 29, when prices hit a bottom of $73.39.

LTC/USD – Daily Chart

Looking at the chart, it appears that litecoin bears are hoping to push prices towards a floor at $73.00.

This seems a possibility, especially with the 14-day relative strength index (RSI) fast approaching a floor of its own.

The index is currently tracking at 57.10, and seems to be moving towards a support point of 53.00.

Cosmos (ATOM)

Another notable token on Thursday has been cosmos (ATOM), which fell to a ten-day low earlier in the day.

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ATOM/USD fell to a bottom of $9.52 on Thursday, before bulls reentered the market and bought the recent dip.

Today’s bottom saw cosmos trade at its lowest level since November 28, which was the last time the token hit its floor at $9.45.

ATOM/USD – Daily Chart

As of writing, ATOM has mostly rebounded, and is currently trading at the $9.71 level.

In addition to this, the RSI has bounced from a floor of its own at 39.50, and is currently tracking at 41.40.

Should momentum continue in an upward direction, ATOM bulls will likely target a move above the $10.00 mark.

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Do you expect cosmos to move above $10.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Bitcoin, Ethereum Technical Analysis: BTC Nears 10-Day Low, As Bears Regain Market Sentiment

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Bitcoin, Ethereum Technical Analysis: BTC Nears 10-Day Low, As Bears Regain Market Sentiment

Bitcoin continued to slip on Thursday, with the coin remaining close to its lowest level since the end of November. Momentum in cryptocurrency markets has shifted in recent days, with sentiment currently bearish. Ethereum was also lower, with the token dropping towards $1,200.

Bitcoin

Bitcoin (BTC) remained near a one-week low on Thursday, as cryptocurrencies continued to trade in the red.

BTC/USD slipped to a bottom of $16,750.56 earlier in the day, less than 24 hours after trading at a high of $17,061.48.

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The move saw the world’s largest cryptocurrency move closer to a recent support point of $16,700.

BTC/USD – Daily Chart

After failing to break out of a ceiling at the 50.00 level earlier in the week, the 14-day relative strength index (RSI) is now tracking at 45.50.

Should price strength continue to plummet, the next visible point of support seems to be at the 43.00 mark.

Bears in the market will be hoping that this floor is not only hit, but broken, which could trigger a move below $16,000.

Ethereum

Like bitcoin, ethereum (ETH) also edged lower in today’s session, with prices falling for a second straight day.

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Following a high of $1,252.30 on Wednesday, ETH/USD dived to a low of $1,224.45 earlier in the day.

Today’s drop in price pushed ethereum below a recent support point at the $1,230 level, with prices hitting a nine-day low as a result.

ETH/USD – Daily Chart

Looking at the chart, the 10-day (red) moving average remains high, which some see as a signal that a bullish reversal could still be on the cards.

Despite this, momentum seems bearish, with the RSI tracking at 46.72, which is its lowest point since November 29.

The index now appears to be heading towards a support point at the 45.00 level.

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Will ethereum end the week below or above $1,200? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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ETH

Ethereum Price Nears Breakdown Support, Can Bulls Save The Day?

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Ethereum Price Nears Breakdown Support, Can Bulls Save The Day?

Ethereum extended its decline below the $1,240 support against the US Dollar. ETH remains at a risk of more losses below the $1,220 support in the near term.

  • Ethereum remained in a bearish zone and traded below the $1,240 support.
  • The price is now trading below $1,250 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,245 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of a downside break below the $1,220 support.

Ethereum Price Visits Key Support

Ethereum price failed to recover losses and extended its decline below the $1,250 level. ETH even traded below the $1,240 support level and the 100 hourly simple moving average, similar to bitcoin.

The price moved into a short-term bearish zone and even tested the $1,220 support. A low is formed near $1,220 and is currently consolidating losses. Ether price is now trading below $1,250 and the 100 hourly simple moving average.

There is also a key bearish trend line forming with resistance near $1,245 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,235 level. The 23.6% Fib retracement level of the recent drop from the $1,278 swing high to $1,220 low is also near $1,235.

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The first major resistance is near the $1,245 level and the bearish trend line. Besides, the 50% Fib retracement level of the recent drop from the $1,278 swing high to $1,220 low and the 100 hourly simple moving average is near the $1,250 level.

Source: ETHUSD on TradingView.com

A close above the $1,250 resistance might start a fresh increase. The next major resistance is near the $1,280 level, above which ether price could gain bullish momentum for a move to $1,310. Any more gains might send the price towards the $1,350 resistance zone.

More Losses in ETH?

If ethereum fails to recover above the $1,250 resistance, it could continue to move down. An initial support on the downside is near the $1,220 level.

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The next major support is near the $1,200 level. If there is a break and close below $1,200, the price could even drop towards the $1,165 support. Any more losses could lead the price towards the $1,075 support.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

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

Major Support Level – $1,220

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Major Resistance Level – $1,250

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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