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Ethereum again failed at the $1,300 resistance. ETH is falling and may soon test the $1,220 support zone. A good buying opportunity?
- Ethereum attempted another break higher above $1,300 but failed.
- The price is now trading below $1,280 and the 100 hourly simple moving average.
- On the hourly chart, ETH/USD (data feed via Kraken) also breaks below a key uptrend line with support at $1,272.
- The pair could correct even lower – now the support at $1,220 counts.
Ethereum: heading corrected – but how far?
Ethereum made another attempt to clear the $1,300 resistance zone. However, ETH struggled to gain ground above the $1,300 level. A high was formed at $1,304 – then the price began a downward correction. ETH therefore trades in tandem with the rest of the markets – many other top 100 coins behave similarly.
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Ethereum then broke below the $1,280 support zone and the 100 hourly simple moving average. Additionally, ETH/USD fell below a key uptrend line with support at $1,272 on the hourly chart.
As a result, Ethereum fell as low as $1,248, now the smart contract platform is consolidating its losses. There was a slight rally above $1,260, the price broke above the 23.6% Fib retracement level of the recent decline from the $1,304 high to $1,248 low.
Immediate resistance on the upside is $1,270 and the 100 hourly simple moving average. The first major resistance is located at $1,275. It is near the 50% Fib retracement level of the recent decline from the $1,304 high to $1,248 low.
A close above the $1,275 resistance could propel the price higher. The next major resistance is near the $1,300 level, above which Ethereum might test $1,320. Further gains open up the possibility of a move towards the $1,400 resistance zone.
Will the bears take over?
That remains to be seen. Ethereum needs to start a new climb above the $1,275 resistance to avoid a downward correction. Ethereum then has initial support on the downside at $1,250.
The next key support is near the $1,220 level. A break below $1,220 could test support at $1,165. Further declines would then likely drop towards the $1,100 support.
Technical indicators
- Hourly Chart MACD: The MACD for ETH/USD is now moving into bearish territory.
- RSI on the hourly chart: The RSI for ETH/USD is now below the 50 level.
- Major Support Level: $1,220
- Key Resistance Level: $1,275
Presale almost over: IMPT Token is nearing the end of the presale – enter now?
Investors looking for an ESG portfolio diversification coin may also be interested in IMPT Token, a new green cryptocurrency on presale. However, if you want to invest before the project is listed on a crypto exchange, you have to hurry, because: The presale will end prematurely! According to their own statements, the developers have progressed faster than expected, and the platform is now launching earlier than expected. With corresponding consequences for the early sale: It should now end on December 11 – the current second phase will be the last. The team was able to raise $18 million from investors. Bullish for investors: the team wants to destroy coins that are not sold by the end of the presale – this makes any remaining IMPT tokens rarer and therefore potentially more valuable.
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Don’t miss out and grab some $IMPT now ⬇️https://t.co/8KSvC4GHjF pic.twitter.com/z9SnqxZ2rU
– IMPT.io (@IMPT_token) December 5, 2022
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Text credit: Newsbtc
Last updated on December 6, 2022
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