Ethereum has been steadily rising above $1,200 against the US dollar. ETH may continue rising unless the support level of $1,150 is breached.
- Ethereum faces resistance at the $1,250-$1,280 levels.
- Today, the price traded above $1,200. The 100-hourly simple moving average is also up.
- The hourly chart for ETH/USD showed a breaking below the key bullish trendline with support at $1,225 (data feed via Kraken).
- If the pair moves above $1,250 resistance, it could see bullish momentum.
Ethereum price sees more gains
Ethereum was well supported at the $1,150 mark. ETH moved in a favorable direction, moving above the $1200 resistance zone.
The $1,250 resistance was seen as a strong support. There was also an increase above the 100-hourly moving average. Recently, Ether prices reached $1.281, and have since corrected their gains. The price moved below $1,250. Price fell below 23.6% Fib level of upward movement between $1,042 swing low and $1,281 high.
On the hourly chart of Ethereum/USD, it was broken below a bullish trend line. Support is near $1,225. Now, the price has risen above $1,200 as well as the 100-hourly simple moving Average.
Near the $1,225 mark is a resistance to the upside. Near the $1,250 level is the next significant resistance. An increase in price could be initiated by a clear break above the $1250 resistance level. If the case is true, then the price might even exceed the $1,280 mark.
Source: TradingView.com ETHUSD
Near the $1,320 mark is the next significant resistance. In the short term, any further gains may lead to a push towards $1,440.
New Decline in the ETH
The $1,250 resistance could be broken and ethereum may begin to fall again. The $1,200 area and the 100-hourly simple moving mean provide initial support.
It is located near the $1115 support zone. This support is near the 50 percent Fib level for the upward movement from $1,042 low to $1,281 peak. Another decline could be initiated if the price drops below $1,150. The above scenario could lead to a decline in the price of ether towards $1,050.
Technical Indicators
Hourly MACD – In the bullish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The current RSI of ETH/USD hovers around the 50 mark.
Major Support Level – $1,150
Major Resistance Level – $1,250
