Tuesday, October 4, 2022
Crypto

ETH Topside Bias Remains Vulnerable As It Struggles Below $1.2K


Outflows Of ETH From Exchanges Hit New Highs As Price Surges
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The ETH topside bias remains vulnerable as it struggles below the $1.2K price range and now the coin remains at risk of losses if it stays below this key zone so let’s read more today in our ethereum latest news.

There’s a connecting trend line in place with the support at $1130 on the hourly charts of the pair which could decline furhter if it doesn’t move above the $1120 support zone. Ethereum remained in a bearish zone below the $1250 resistance and then started a fresh decline and traded below the key $1200 support zone. The drop gained pace below the $1180 level and the 100 hourly simple moving average and as a result, the bears were able to push the price below the $1150 support with a new low formed near the $1132 with the price now consolidating the losses.

The ETH topside bias is trading well below the $1200 and the 100 hourly simple moving average and there’s also a connecting trend line in place with support at $1130 on the hourly charts. The immediate resistance on the upside is close to $1555 level and it is near the 23.6% fib retracement level of the drop at $1235 swing high to $1132 low. The next major resistance is near the $1175 level with the first major hurdle being near the $1180 level with a 100 hourly simple moving average.

ETH 24-hour Price Chart (Source: Coingecko)

The 50% fib retracement level of the decline from $1235 high to $1132 low is also near the $1180 level and a new close above this zone could start a steady increase with the price being able to clear the $1200 resistance. The next major resistance is close to the $1235 level above which the price can rise towards the $1280 resistance level. If ETH fails to rise above the $1180 resistance, it can move down with initial support on the downside being near the $1120 zone.

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The next major support will be near the $1080 zone and a close below this level could spark a sharp drop and the ETH price can decline to the $1000 level. The hourly MACD for the pair is gaining momentum in the bearish zone and the RSI for ETH/USD is well below the 50 levels.

As recently reported, Anchorage Digital will allow Ethereum staking for institutions and they will be able to earn rewards linked to the second-biggest digital asset by market cap.

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