Ethereum has been steadily moving towards $1,200 against US dollars. If it doesn’t stay above the $1120 support zone, ETH might clear $1200.
- Ethereum gained more and moved above $1,150 resistance.
- Today, the price traded above $11,150. The 100-hourly simple moving average is also up.
- On the hourly chart for ETH/USD, there is support close to $1,160. This trendline forms with major bullishness (data feed via Kraken).
- It is possible for the pair to continue rising if it remains above the $1,120 support area.
Ethereum Prices Rise Steadily
Ethereum was steady at or above $1,100. A steady increase was observed above the $1120 resistance zone.
The bulls succeeded in pushing the price up to $1,150 and $1.160. The price of Ether even crossed the $1185 threshold and traded at $1,194. Recently, the price experienced a slight correction below $1,180. Price fell below 23.6% Fib Retracement Level of recent rise from $1,110 swing low level to $1,194 high.
The price has traded above $1,150, as well as the 100-hourly simple moving average. A major bullish trendline is also visible with support close to $1,160 in the hourly chart of Ethereum/USD.
Source: TradingView.com, ETHUSD
The $1,190 area is a strong resistance. Near the $1,120 level is the next significant resistance. Above which, the price could gain strength. If the bulls remain in action, then the price might rise towards $1,250. If bulls continue to be active, prices could climb towards the $1320 area.
New Decline in the ETH
It could begin a downtrend correction if ethereum does not rise above $1,200. The $1,160 area is the first support for the downside. Next is support at the $11,150 level. This is near the Fib retracement of 50% the increase in price from $1,110 to $1,194 low.
A price drop below $1,150 could send it towards $1,120 or the simple 100-hour moving average. A move to $1,050 could be triggered by any further losses.
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 – $1,120
Major Resistance Level – $1,200
