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TA: Ethereum is About to See “Liftoff” if It’s Able to Hold One Crucial Level

Started by Bitcoin, Sep 02, 2022, 07:13 am

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TA: Ethereum is About to See "Liftoff" if It's Able to Hold One Crucial Level

Ethereum is holding gains and rising towards $1,600 against the US Dollar. ETH could rally if there is a clear move above the $1,620 resistance zone.



  • Ethereum remained stable above the $1,520 and $1,500 support levels.

  • The price is now trading above $1,550 and the 100 hourly simple moving average.

  • There is a crucial rising channel forming with support near $1,535 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could start another increase if it stays above the $1,520 and $1,500 support levels.


Ethereum Price Eyes Upside Break

Ethereum corrected lower below the $1,550 support level. The bears were able to push the price below the $1,540 level and the 100 hourly simple moving average.


However, the $1,500 support acted as a strong barrier. Ether price traded as low as $1,513 and recently started an upside correction. There was a move above the $1,550 and $1,560 resistance levels. The price climbed above the 50% Fib retracement level of the recent decline from the $1,620 swing high to $1,513 low.


The price is now trading above $1,550 and the 100 hourly simple moving average. There is also a crucial rising channel forming with support near $1,535 on the hourly chart of ETH/USD.


The pair is now consolidating near the 76.4% Fib retracement level of the recent decline from the $1,620 swing high to $1,513 low. An immediate resistance on the upside is near the $1,610 level. The next major resistance is now forming near the $1,620 level.



Source: ETHUSD on TradingView.com

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


Fresh Decline in ETH?

If ethereum fails to rise above the $1,620 resistance, it could start another decline. An initial support on the downside is near the $1,560 zone and the 100 hourly SMA.


The next major support is near $1,535 and the channel trend line, below which ether price might revisit $1,500. Any more losses may perhaps send the price towards the $1,420 zone.


Technical Indicators


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


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


Major Support Level - $1,535


Major Resistance Level - $1,620


Source: TA: Ethereum is About to See "Liftoff" if It's Able to Hold One Crucial Level