TA: Ethereum Price Just Reversed and $1,200 is Imminent, Here’s Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	399,417,799,677	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

399,417,799,677

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	69.70	2.14%	3,321.81	3,321.88	3,321.90

Price Change

Price Change %

Current Price

Bid Price

Offer

69.70

2.14%

3,321.81

3,321.88

3,321.90

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,336.42	3,239.72	3,254.47	3,252.11	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,336.42

3,239.72

3,254.47

3,252.11

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	19:42:46	0.030408	3,321.81	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

19:42:46

0.030408

3,321.81

USD

Price x Volume	Volume	Base Symbol	Related Pairs
193,204,066.28	58,520.60	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

193,204,066.28

58,520.60

TA: Ethereum Price Just Reversed and $1,200 is Imminent, Here’s Why

28/09/2022 6:08am

NEWSBTC

Ethereum started a major decline from the $1,400 resistance against the US Dollar. ETH is moving lower and might even slide towards the $1,200 level. Ethereum gained bearish momentum below the $1,350 and $1,320 support levels. The price is now trading below $1,300 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support at $1,290 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its decline towards the $1,220 and $1,200 support levels. Ethereum Price Dips Again Ethereum attempted a decent increase above the $1,350 level. ETH even broke the $1,380, similar to bitcoin. However, the bulls failed to clear the $1,400 resistance zone. A high was formed near $1,399 and the price started a fresh decline. There was a clear move below the $1,350 and $1,320 support levels. There was a clear move below the 76.4% Fib retracement level of the upward move from the $1,269 swing low to $1,399 high. Besides, there was a break below a major bullish trend line with support at $1,290 on the hourly chart of ETH/USD. Ether price is also trading below $1,300 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,290 and $1,300 levels. The next major resistance is near $1,325 level and the 100 hourly SMA. A clear break above $1,325 might start a decent increase towards the $1,380 level. Source: ETHUSD on TradingView.com Any more gains may perhaps open the doors for a move towards the $1,400 resistance, above which the bulls could aim a strong increase. More Losses in ETH? If ethereum fails to climb above the $1,325 resistance, it could continue to move down. An initial support on the downside is near the $1,270. The next major support is near the $1,240 level. It is near the 1.236 Fib extension level of the upward move from the $1,269 swing low to $1,399 high. A downside break below the $1,240 level might send the price towards the $1,200 support in the near term. Any more losses could increase selling and the price might drop to $1,150. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,240 Major Resistance Level – $1,325

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