Ethereum is gradually moving up above the $1120 area against the US Dollar. If ETH moves above $1,165 resistance, it could rally.
- Ethereum faces resistance at the $1,165-$1,190 levels.
- The current price trades above $1,120 as well as the simple 100-hour moving average.
- The hourly chart for ETH/USD showed a breakout above the major bearish trendline with resistance at $1,085 (data feed via Kraken).
- If the pair moves above $1,165 resistance, it could see bullish momentum.
Ethereum Price Looks Upside Down
Ethereum began a downtrend below the $1120 level. ETH was trading below $1,080 but bulls were still active in the $1.050 support area.
The market traded at $1.048, and has recently seen a new increase. The $1,100 mark was reached by Ether. A move was seen above the 50% Fib level of the decline from the $1.192 swing high to the $1.048 low.
On the hourly chart, ETH/USD showed a breakout above a significant bearish trend line, with resistance close to $1,085 Now, the pair trades above $1120 and is trading at the 100-hourly simple moving average.
The $1,165 level is a strong resistance to the upside. The 76.4% Fib level of the decline from the $1.192 swing high to the $1.048 low is within reach. Near the $1,190 area is the next significant resistance. The next major resistance is near the $1,190 zone. A move clear of this area could trigger a steady rise.
Source: TradingView.com, ETHUSD
Near the $1,250 mark is the next significant resistance. In the short term, any further gains may lead to a push towards $1320.
New Decline in the ETH
The $1,165 resistance could be broken and ethereum may begin to fall again. The $1,120 area is the first support for the downside.
Near the $1,100 level and the 100-hourly simple moving average is the next support. An attempt to close below $1,100 could lead to another drop. The above scenario could lead to a decline in ether prices towards $1,050. If there is more loss, the price could move toward $1,000 support.
Technical Indicators
Minutely MACD – In the bullish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $1,100
Major Resistance Level – $1,165