Potential Reversal Zone- $750
Key Highlights
ETHUSD was one of the worst performers this year and lost more than $2500 on board-based crypto selling. A hawkish rate hike was a major reason for the decline of riskier assets like BTC. The collapse of FTX has dragged Ethereum further down. It hits a low of $880 on June 18th, 2022, and currently trading around $1196.10.
Major support - $880. Any violation below this level confirms major weakness. A dip till $830/$750.The pair holds below monthly Tenken-Sen ($2231) and Kijun-Sen ($2600). Any close below Ichimoku cloud ($750) confirms further bearishness.
A short-term trend reversal may happen if Ethereum closes above $1360. A jump to $1450/$1676 is possible.
Indicators (Monthly chart)
RSI- downtrend (45)
It is good to buy on dips around $850 with SL around $750 for TP of $2000
Resistance
R1- $1250
R2- $1360
R3- $1475
Support
S1- $880
S2- $750
S3- $600
