The year 2022 is currently not a good year to look at in terms of earnings or investment. In fact, most investors have seen the value of their portfolio gradually turn negative. However, a there was an increase recently hit the crypto market, bringing the Ethereum blockchain from $1,000 to about $1,500.
Unfortunately, at this time theEthereal (ETH) not failed to break the $1620 barrier and has dropped slightly for a few days.
So will the blockchain manage to stay above $1,480? Let’s see together why this key point is now important!
Why is the price of $1,480 an important key point?
The Ethereum blockchain price is currently trading under the $1,560 barrier and the simple moving average of 100 hours.
Furthermore, “Ethereum is also trading below the 76.4% Fibonacci retracement level of the upward move from the $1,488 low to $1,662 high,” as financial market expert Aayush Jindal clarifies.
Aayush Jindal also adds that “Ethereum is still above the $1500 support. In a nutshell, there is a key ascending trend line forming with support near $1,500 on the hourly chart of ETH/USD.
He adds that “immediate bullish resistance lies near the $1,530 level. The first major resistance is near the area of the $1,550 and the 100 hourly simple moving average.”
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Note that if a selling move falls below the trend line, the price could drop towards the $1480 support and then towards $1400 support.