Ethereum faces resistance above $1,250 against the US dollar. ETH could pick up some bullish momentum once it clears the $1,230 and $1,250 resistance levels.
- Ethereum attempted a wave of recovery and broke above $1,200.
- The price is currently trading above $1,200 and the 100 hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), there is a major contraction triangle with resistance forming near $1,220.
- A clear move above $1,230 and $1,250 could give the pair a steady move up.
Ethereum Price Eyes Upside Break
Ethereum price has started an upward correction from the $1,150 support zone. ETH was able to break out of the $1,180 and $1,200 levels.
The closing price crossed the $1,200 level and the 100 hour simple moving average. Ether price has tested the $1,230 resistance zone. It is currently consolidating below $1,230, similar to Bitcoin. It fell slightly below $1,220 levels.
The price has broken below the 23.6% Fib retracement level of the move from swing lows of $1,150 to highs of $1,230. Ether is currently trading above $1,200 and the 100-hour simple moving average.
The immediate resistance is near $1,220. The ETH/USD hourly chart also has a major contraction triangle forming resistance near $1,220, with the first big resistance he near $1,230. A clear break above the $1,230 resistance could lead the price towards the $1,250 resistance.
Source: ETHUSD on TradingView.com
The price needs to settle above the $1,230 and $1,250 levels to start a steady move up. The next big resistance can be $1,300. If the bulls clear his $1,300 resistance, the price could rise towards his $1,345. Any further gains could send the price towards the $1,400 resistance zone.
New decline in ETH?
If Ethereum fails to break out of the $1,230 resistance, another drop could start. Initial support on the downside is near $1,200 and the 100 hour simple moving average.
The next major support is near $1,190. Approaching the 50% Fib retracement level of the move from the swing low of $1,150 to the high of $1,230. A break below $1,190 could start a move towards the support at $1,150. Further losses could lead the price to support at $1,065.
Hourly MACD – ETH/USD’s MACD is currently slowly gaining momentum in the bullish zone.
Hourly RSI – The ETH/USD RSI is currently above the 50 level.
Major Support Level – $1,190
Major Resistance Level – $1,230