top of page
Search

Ethereum Price Relatively Muted, Bulls Still Aim Key Upside Break

Writer's picture: David ManionDavid Manion

Ethereum is consolidating below the $1,230 resistance against the US Dollar. ETH could start a steady increase if it clears the $1,230 and $1,250 resistance levels.

  • Ethereum is slowly moving higher from the $1,190 support zone.

  • The price is now trading above $1,210 and the 100 hourly simple moving average.

  • There was a break above a key bearish trend line with resistance near $1,215 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could gain bullish momentum if there is a clear move above $1,230 and $1,250.

Ethereum Price Eyes Upside Break

Ethereum price remained well bid above the $1,180 and $1,190 levels. ETH formed a base above the $1,190 level and started an upward move.


There was a clear move above the $1,200 resistance zone and the 100 hourly simple moving average. Ether price climbed above the 50% Fib retracement level of the downward move from the $1,237 swing high to $1,193 swing low.





Besides, there was a break above a key bearish trend line with resistance near $1,215 on the hourly chart of ETH/USD. The pair is now consolidating near the 61.8% Fib retracement level of the downward move from the $1,237 swing high to $1,193 swing low.


An immediate resistance is near the $1,230 level. The next major resistance is near the $1,250 level. A clear upside break above the $1,250 resistance could start a steady increase. In the stated case, the price may perhaps rise towards the $1,300 resistance.





The next major resistance could be $1,350. If there is an upside break above the $1,350 resistance, the price might rise towards $1,400. Any more gains might send the price towards the $1,500 resistance zone.


ETH Still In a Range?

If ethereum fails to climb above the $1,230 resistance, it could start another drop. An initial support on the downside is near the $1,215 level and the 100 hourly simple moving average.


The next major support is near the $1,200 level. The first major support is near the $1,190 level. A downside break below $1,190 might spark a move towards the $1,150 support. Any more losses could lead the price towards the $1,100 zone.


Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.


Major Support Level – $1,190

Major Resistance Level – $1,230


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

コメント


bottom of page