November 28, 2022
Ethereum Rallies 10%, The Bulls Still Need to Handle the Hurdle

Crypto Engine is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today. 


Ethereum started a strong recovery wave above the $350 resistance against the US Dollar. ETH price is up over 10%, but it must still break the $370 resistance for upside continuation.

Ethereum gaining traction above the $340 and $350 resistance levels.

The price is now well above the 100 hourly simple moving average, but it is facing hurdles near $370.
There was a break above a major bearish trend line with resistance near $340 on the hourly chart of ETH/USD (data feed via Kraken).

The pair must surpass the $370 resistance for upside continuation in the near term.
Ethereum Price Rally Reaches Inflection Zone

After forming a support base above $330, Ethereum started a strong recovery wave. ETH price broke the $340 and $350 resistance levels to move into a positive zone.

There was a close above the $350 resistance and the 100 hourly simple moving average. The upward move gained pace after there was a break above a major bearish trend line with resistance near $340 on the hourly chart of ETH/USD.
The next key resistance is near the $380 level. It is close to the 76.4% Fib retracement level of the downward move from the $401 high to $310 swing low. A successful close above the $370 and $380 resistance levels may perhaps open the doors for a decent increase.

Downside Correction in ETH?

If Ethereum fails to clear the $370 resistance or the $380 technical hurdles, there could be a short-term downside correction. An initial support on the downside is near the $360 level.
The next major support is near the $350 level and the 100 hourly simple moving average. If ether fails to stay above the $350 support, the price is likely to resume its decline. In the stated case, the bears might aim a retest of the $330 support.


trade now

Altcoin Directory is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Content Posts) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.


Leave a Reply

Your email address will not be published.

Only $250 and you're Rich - Simple way to make $1,372/Day Learn More
Skip to content