Ethereum has shown positive signals above the $1100 resistance zone in relation to the US Dollar. ETH may rise above $1,170 resistance.
- Ethereum strengthened for an increase above $1,100 or $1,120.
- The current price trades above $1,120 as well as the simple 100-hour moving average.
- A key bullish trendline is emerging with support at $1,120 (data feed via Kraken).
- If the resistance level of $1,170 is breached, then the pair may continue rising.
Ethereum price remains supported
Ethereum tried again to overcome the resistance levels of $1.165 and $1.170. The bears were still active at the $1,170 resistance level.
Before the recent correction, the price reached a high of $1169. The price fell below the $1.150 and $1.130 support levels. The price of Ether fell to below 50% Fib, the level at which the upward swing from the $1.076 swing low down to the $1.170 high was retraced.
But, bulls appear to be active at the $1120 support level. Also, it found support at the 61.8% Fib level of the upward swing from the $1.076 swing low and $1.170 high.
Ether currently trades at $1,120 above the simple moving average of 100 hours. On the hourly chart for ETH/USD, there is a bullish trend line that forms with support at $1120. Near the $1,150 area is an immediate resistance to the upside.
Source: TradingView.com, ETHUSD
Near the $1170 area is the next major resistance. Above that, the price could possibly surpass the $1200 resistance. The price may rise to the $1,250 level in the above scenario. The price could rise towards $1,320 if there are more gains.
Is there a new decline in ETH?
Ethereum could experience a further downside correction if it fails to climb above $1170 resistance. Initial support is located near the $1120 zone.
Next major support will be near the $1100 zone and 100 hourly simple moving Average. A decline below the $1100 level could lead to another drop. The price could drop to $1,070 in this scenario.
Technical Indicators
Hourly MACD – Now, the MACD of ETH/USD has gained momentum in bullish territory.
Hourly RSI – The RSI is well over 50 for USD/ETH.
Major Support Level – $1,100
Major Resistance Level – $1,170
