Ethereum Price Key Indicators Point Firming Case For Recovery Above $1, 250 Ethereum is holding the key $1, 150 support against the US Dollar. ETH is rising and might even clear the $1, 250 resistance zone in the near term. Ethereum corrected lower, but the bulls were active near $1, 150. The price is now trading above $1, 180 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1, 195 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rise steadily if it clears the $1, 200 and $1, 230 resistance levels. Ethereum Price Eyes Fresh Increase Ethereum price started a downside correction from the $1, 230 resistance. ETH declined below the $1, 200 support zone and the 100 hourly simple moving average, similar to bitcoin. However, the bulls were active near the $1, 150 zone. A low was formed near $1, 150 and the price started another decent increase. Ether price was able to clear the $1, 165 and $1, 180 resistance levels. There was a clear move above the 23. 6% Fib retracement level of the recent decline from the $1, 236 swing high to $1, 150 low. Ether price is now trading above $1, 180 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1, 195 level. There is also a key bearish trend line forming with resistance near $1, 195 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1, 236 swing high to $1, 150 low. The next major resistance is near the $1, 230 level. Source: ETHUSD on TradingView. com The main breakout zone is near the $1, 250 level. To start a strong increase, the price must settle above the $1, 250 resistance. In the stated case, ether price could rise towards the $1, 320 resistance zone. Any more gains might send the price towards the $1, 420 resistance zone. Fresh drop in ETH? If ethereum fails to climb above the $1, 230 resistance, it could start another decline. An initial support on the downside is near the $1, 170 level. The next major support is near the $1, 150 level. If there is a break below $1, 150, the price could even decline below $1, 130. In the stated scenario, the price could drop towards the $1, 075 support zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1, 150 Major Resistance Level – $1, 230 Featured image from iStock
Author: Aayush Jindal
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