Ethereum gained momentum and passed the $1,200 mark against the US dollar. ETH has risen 8%, and may continue climbing towards $1,300, or $1,320.
- Ethereum gained more and moved above $1,200 resistance.
- Today, the price traded above $1,200. The 100-hourly simple moving average is also up.
- The hourly chart for ETH/USD shows a bullish trend line with support close to $1,210. (Data feed via Kraken).
- If the pair remains above $1,200 it could rise further.
Ethereum prices gain momentum
Ethereum supported well above $1,120. Price began a new increase, and it was able clear a significant hurdle at the $11,150 level.
The doors opened for an increase in the price above $1,200. It even crossed the $1,250 threshold and traded at a new monthly peak of $1,276. The 100-hourly simple moving average and $1,200 are now the highest levels of trading.
The price has tested the 23.6% Fib level of the increase in value from $1162 swing lows to $1276 highs. A crucial bullish trendline is also visible on the hourly chart. It supports support around $1,210. The $1,275 mark is the immediate resistance.
Source: TradingView.com ETHUSD
It is located near $1,320, which could be the next resistance. Above that, it may gain some strength. If the bulls remain in action, then the price might rise to $1,350. If bulls continue to be active, prices could climb towards the $1.420 area.
Dips Limited to ETH
It could begin a downtrend correction if ethereum does not rise above $1,275. The $1,230 area is the first support for the downside. Near the $1,210 area is the next significant support. This is near the Fib retracement of 50% the increase in price from $1,162 low to $1,276 high.
The 100-hourly moving average, or $1,160, could be reached if the price falls below the $1210 support. The price could slide to $1,120 if it fails to maintain above the 100-hourly SMA.
Technical Indicators
Hourly MACD – Now, the MACD of ETH/USD has gained momentum in bullish territory.
Hourly RSI – The RSI of ETH/USD has risen to well above 50.
Major Support Level – $1,210
Major Resistance Level – $1,275
