Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: Rakin343 on September 12, 2022, 05:34:42 AM
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Ethereum has reached an obstacle on the daily chart. A significant resistance zone has been established by the convergence of two descending lines (in yellow and orange) and the horizontal resistance at $1,800 (in red).
On August 14, the bulls’ final effort to break out was unsuccessful. Since then, the price moved into a weaker position, reaching $1,420. The recent increase has now presented the bulls with an opportunity to retest the resistance zone.
In the days leading up to the Merge, the market is dominated by bullish sentiment, and this will be amplified if the bulls can reclaim $2K. Alternately, failure to break this level will end expectations of a rally. If this occurs, the first area of solid support lies around $1,400.
In conclusion, it is crucial to observe the daily structure during the next couple of days. The strength of the upper wicks, which shows how determined the bears are to defend the resistance zone, is also important to monitor.
Key Support Levels: $1650 & $1420
Key Resistance Levels: $1800 & $2100
Daily Moving Averages:
MA20: $1581
MA50: $1660
MA100: $1490
MA200: $2101 source (https://cryptonews.net/12286101/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)