December 5, 2022

Ethereum Price Analysis: ETH Faces Critical Resistance, Charts New July Low Against Bitcoin

2 min read

ETH/USD – – Ether Struggles WIth July Resistance @ $2340

Key Support Levels: $2250, $2150 – – $2130,
$2070. Secret Resistance Levels: $2340, $2400, $2530.

Ethereum is rising on the back of BTC increasing almost 30% today. The cryptocurrency managed to break the 50-day MA over the weekend and continued higher from hitting resistance at a descending pattern line on Monday.

Ever since, ETH has actually struggled to break resistance at around $2340, provided by a bearish.236 Fib Retracement level. This is the July resistance, and a candle light must close above it on the daily chart to indicate a possible bull run ahead.

On the 4-hour chart, ETH is trading inside a short-term ascending rate channel. It is using the lower angle of this cost channel as local support.

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ETH/USD Daily Chart. Source: TradingView. ETH/USD 4-Hour Chart. Source: TradingView. ETH-USD Short Term Price Prediction Looking ahead, the very first strong resistance lies at $2340(bearish.236 Fib). This is followed by $2400, provided by the descending trend line.

Added resistance lies at$2530(200-day MA),$2600, and $2640 (1.618 Fib Extension). On the other side, the very first assistance lies at $2250(.236 Fib & lower angle of rate channel). This is followed by support between $2150 (50-day MA &.382 Fib)–$2130 (200-day MA ), and $2070 (.5 Fib). The day-to-day RSI is above the midline, suggesting bullish momentum. It is struggling to break 60 and need to increase past here to reveal increasing bullish momentum. ETH/BTC – ETH Falls

Beneath Symmetrical Triangle. Secret Support Levels: 0.056 BTC, 0.0541 BTC, 0.05 BTC. Secret Resistance Levels: 0.06 BTC, 0.062 BTC, 0.0631 BTC. ETH is resisting BTC – itself after setting a brand-new low for July at 0.057BTC today. The cryptocurrency was previously trading inside an in proportion triangle pattern however was turned down at the triangle’s upper boundary at the start of the week.

Ever since, ETH has been falling versus BTC and eventually broke towards the disadvantage of the triangle the other day. Today, it continued below support at 0.058 BTC to set the new July low at 0.057 BTC. ETH/BTC Daily Chart. Source: TradingView.

ETH-BTC Short Term Price Prediction

Progressing, the very first support now lies at 0.056 BTC. This is followed by 0.0541 BTC (April 2019 lows), 0.05 BTC, and 0.049 BTC (200-day MA).

On the other side, the first strong resistance lies at 0.06 BTC. This is followed by 0.062 BTC (50-day MA), 0.0631 BTC (100-day MA), and 0.065 BTC.

The day-to-day RSI is sinking beneath 40 as the bearish momentum increases. This is not a good signal for ETH.