Ethereum plunged to $1,000, before finding support against the US dollar. ETH has now corrected higher, but is facing a major hurdle close to USD 1,125.
- Ethereum continued to decline toward $1,000, before finding support.
- Today, the price traded above $1,080. The 100-hourly simple moving average is also up.
- On the hourly chart of Ethereum/USD, there was a break above a crucial bearish trend line. Resistance near $11,100 was seen (data feed via Kraken).
- If it breaks the $1,125 resistance zone, then the pair may continue rising.
Ethereum price finds support
Ethereum continued to trade in the bearish zone, below the $1.100 support area. ETH fell below the $1.050 and $1.040 levels. But, bulls rose above the 1,000 support zone.
Near $1,014 a low was reached and prices began to rise again. Bulls gained momentum for a rise above $1,050 or $1,060 resistance levels. Ether prices rose to above the 23.6% Fib level of the decline from the $1.275 swing high and $1.014 low.
A break was seen above the key bearish trend line, with resistance close to $1,100, on an hourly chart of Ethereum/USD. The Ether price has risen to $1,080 above the simple moving average of 100 hours.
Near the $1,125 mark is an immediate resistance to the upside. Near the $1,145 level is the first significant resistance. The 50% Fib Retracement level is where the price has fallen from $1,275 high to $1.014 low. Clear moves higher than the $1,145 mark could push the price up.
Source: TradingView.com, ETHUSD
Near the $1,195 mark is the next barrier. Above that, the price will start to rise. The price may rise to the $1,280 resistance level in the above scenario.
Is there a new decline in ETH?
It could begin a new decline if ethereum does not rise above $1,145. Near the $1,090 level is the first support. Near the $1,080 area is the next significant support.
A negative break below $1,080 could lead to another drop. If this happens, then the price might drop towards the $1,080 level. Below which, bears may gain strength.
Technical indicators
Hourly MACD – MACD is currently losing momentum for the bullish area of ETH/USD.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $1,080
Major Resistance Level – $1,145