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Ethereum gained bullish momentum above the $1,150 resistance against the US Dollar. ETH price broke the $1.200 resistance, but it struggled to clear the $1,250 level.
- Ethereum started a steady increase above the $1,150 and $1,200 resistance levels.
- The price is facing a resistance near $1,250 level, but it is above the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,200 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but the previous resistance near $1,150 could act as a strong support.
Ethereum Price Turns Green
There was a strong increase in bitcoin and Ethereum above $38,500 and $1,150 respectively. ETH price gained bullish momentum after it broke the $1,150 resistance and the 100 hourly simple moving average.
The price even broke the $1,200 and $1,220 resistance levels. However, the bears were active near the $1,250 level. The bulls made two attempts to clear the $1,250 zone, but they failed. The recent high was formed near $1,252 and the price is currently consolidating gains.
Source: ETHUSD on TradingView.com
It already tested the 23.6% Fib retracement level of the recent increase from the $983 swing low to $1,252 high. On the downside, there is a major bullish trend line forming with support near $1,200 on the hourly chart of ETH/USD.
A downside break below the trend line support could lead the price towards the $1,150 support zone. On the upside, the $1,250 level is a major breakout zone. A clear break above the $1,250 level could open the doors for a steady increase in the coming sessions. The next key resistance is near the $1,300 and $1,320 levels.
Dips Supported in ETH?
If ethereum corrects lower below the trend line and $1,200, it could find a strong support near $1,150 and the 100 hourly simple moving average.
The next major support is near $1,120. It is close to the 50% Fib retracement level of the recent increase from the $983 swing low to $1,252 high. Any more losses may possibly call for a fresh decline towards the $1,050 support level in the near term.
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is moving lower towards the 55 level.
Major Support Level – $1,150
Major Resistance Level – $1,250
Image Credit: Refer to Source
Author: Refer to Source Aayush Jindal