Ethereum is showing positive signs above the $1,100 area against the US Dollar. ETH is likely to rise above the $1,170 resistance area.
- Ethereum gained strength for a move above the $1,100 and $1,120 levels.
- The price is now trading above $1,120 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD (data feed via Kraken).
- If there is a move above the resistance area of $1,170 then the pair may continue to rise.
Ethereum price remains supported
Ethereum made another attempt to clear the $1,165 and $1,170 resistance levels. However, the bears were active near the $1,170 level.
There was a recent high near $1,169 before there was a downside correction. The price was trading below the $1,150 and $1,130 support levels. Ether price is trading above the 50% Fibonacci retracement level of the upward move from $1076 low to $1,170 high.
However, the bulls seem to be active near the $1,120 support area. It also found support near the 61.8% Fib retracement level of the move from the $1,076 low to $1,170 high.
Ether is now trading above $1,120 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD. An immediate upside resistance is near the $1,150 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,170 area, above which the price is likely to cross the $1,200 resistance area. In the specified case, the price is likely to rise towards the $1,250 resistance area. Any further gains could send the price towards the $1,320 area.
Latest drop in ETH?
If Ethereum fails to rise above the $1,170 resistance, it could initiate another downside correction. An initial support on the downside is near the $1,120 area.
The next major support is near the $1,100 area and the 100 hourly simple moving average. Another downside break below the $1,100 support could perhaps lead to another decline. In this case, the price could decline towards the $1,070 level.
hourly macd , The MACD for ETH/USD is now gaining momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is now well above the 50 level.
Key Support Level – $1,100
Key Resistance Level – $1,170