Ethereum Price Recovers But Bears Are Not Out Of The Woods Yet
5 a.m. Thursday, November 24th, 2022. Ethereum price recovers, but bears are not out of the Woods yet. Ethereum started a decent recovery wave above 1150 against the U.S. dollar. ETH is now approaching a major hurdle near 1230 and 1250. Ethereum started an upside correction above the 1120 and 1150 resistance levels. The price is now trading above 1150 and the 100 hourly simple moving average. There is a key bullish trendline forming with support near 1190 on the hourly chart of a thus data feed of via kraken. The pair could rise further towards 1230, but the bears might take a strong stand Ethereum price faces hurdle Ethereum price formed a base above the 1070 level and started a recovery wave, similar to Bitcoin. ETH slowly moved higher and was able to clear the 1150 resistance zone. The bulls pushed the price above the 61.8 fib retracement level of the downward move from the 1231 swing high to 1073 low. Ether price is now trading above 1150 and the 100 hourly simple moving average. There is also a key bullish trendline forming with support near 1190 on the hourly chart of a dust. The pair seems to be consolidating above the 76.4 fib retracement level of the downward move from the 1231 swing high to 1073 low. And immediate resistance on the upside is near the 1220 level. Source of thrust on trading view dot com the next major resistance is near the 1230 level and the 1250 zone. To start a real recovery wave and gain bullish momentum, the price must settle above 1250. A clear close above the 1250 resistance could send the price towards the 1320 resistance zone. Any more gains might open the doors for a test of the 1400 resistance zone. Fresh decline in ETH if Ethereum fails to climb above the 1250 resistance, it could start another decline. An initial support on the downside is near the 1190 level and the trendline. The next major support is near the 1150 level and the 100 hourly simple moving average. Below which ether price may perhaps decline further. In the stated scenario, the price could decline towards the 1100 support zone in the near term. Any more losses might call for a move towards the main 1070 support. Technical indicators hourly CD, the MA CD for a thrust is now gaining momentum in the bullish zone. Hourly RSI, the RSI for a thrust is now above the 50 level. Major support level 1150 major resistance level 1250.