Ethereum Price Offers Trade Opportunities After Recent Bullish Breakout
November 30 2022 - 12:00AM
NEWSBTC
Ethereum managed to clear the $1,230 resistance zone against the US
Dollar. ETH tested $1,280 and seems to be forming a strong support
near $1,230. Ethereum gained bullish momentum and cleared the
$1,230 resistance zone. The price is now trading above $1,230 and
the 100 hourly simple moving average. There is a short-term bullish
trend line forming with support near $1,230 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could continue to rise if
it stays above the $1,230 and $1,200 support levels. Ethereum Price
Rallies Above Resistance Ethereum price remained well bid above the
$1,150 support zone. ETH formed a base and started a fresh increase
above the $1,200 resistance, similar to bitcoin. The price cleared
the key resistance near the $1,230 and $1,250 levels. The upward
move was such that the price traded as high as $1,280. It is now
consolidating gains near the $1,265 level. Ether price is also
trading above $1,230 and the 100 hourly simple moving average. The
bulls are currently active above the 23.6% Fib retracement level of
the recent increase from the $1,150 swing low to $1,280 high. There
is also a short-term bullish trend line forming with support near
$1,230 on the hourly chart of ETH/USD. Source: ETHUSD on
TradingView.com An immediate resistance on the upside is near the
$1,280 level. The first major resistance is near the $1,300 level.
The next major resistance is near the $1,330 level, above which
ether price might start another bullish wave. In the stated case,
the price could rise towards the $1,380 resistance zone. Any more
gains might send the price towards the $1,420 resistance zone. Dips
Supported in ETH? If ethereum fails to climb above the $1,280
resistance, it could start a downside correction. An initial
support on the downside is near the $1,250 level. The next major
support is near the $1,230 level and the highlighted trend line. If
there is a break below $1,230, the price could test the $1,200
support, where the bulls could emerge. Any more losses may perhaps
start another decline towards the $1,150 support zone in the near
term. 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 above the 50 level. Major Support Level – $1,230
Major Resistance Level – $1,280
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