Ethereum experienced a renewed increase following its stable performance against the US dollar at close to $1,000. ETH may rise above $1,150 resistance.
- Ethereum strengthened for an increase above $1,080 or $1,100 levels.
- The current price trades above $1,100 as well as the simple 100-hour moving average.
- On the hourly chart of Ethereum/USD, there was a breakout above a key triangle that represents contracting with resistance close to $1,075. (Data feed via Kraken).
- If the pair moves above $1,150 resistance level, it could keep rising.
Ethereum price gains pace
Ethereum was stable over the $1,000 level and there wasn’t a downside fall. The price began to rise and a solid base was created.
The price cleared a few key obstacles near $1,070. On the hourly chart, ETH/USD displayed a break above a key triangle of contracting resistance with resistance close to $1,075 It even crossed the fib retracement level (61.8% Fib) of the key decline from the $1235 swing high to the $997 low.
Ether prices traded at $1,158. They also trade well above the 100 hourly simple movement average. This is well above 23.6% Fib Retracement Level of recent rise from $1,025 low to $1,158 high.
Source: TradingView.com, ETHUSD
The $1,150 area is the immediate resistance. Next is the $1,180 area, which may be the major resistance. Above that, the price could possibly break the $1,200 barrier. The price may rise to the $1,250 level in the above scenario. Price gains could push the price to the $1,300 area.
Is there a new decline in ETH?
The downside correction could be initiated if the price of ethereum falls below $1,150. The $1,125 area is the initial support for the downside.
It is located near the $1.090 zone, and the 100 hourly simple movement average. The Fib retracement of the increase in price from $1,025 swing high to $1,158 low is at 50%. In the short term, a downside breakout below $1,090 could put some pressure on bulls. Near $1,060 is the next support.
Technical indicators
Minutely MACD – MACD for USD/ETH is losing momentum now in bullish territory.
Hourly RSI – The RSI is well over 50 for USD/ETH.
Major Support Level – $1,125
Major Resistance Level – $1,090