Ethereum is trending higher towards $1,200 against the US Dollar. ETH may clear $1,200 as long as it fails to stay above the $1,120 support area.
- Ethereum extended gains and climbed above the $1,150 resistance area.
- The price is now trading above $1,150 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,160 on the hourly chart of ETH/USD (data feed via Kraken).
- If it stays above the key support area of $1,120, the pair may continue to rise.
Ethereum price rises sharply
Ethereum held steady above the $1,100 pivot level. There was a steady rise above the $1,120 resistance area.
The bulls were able to push the price above the $1,150 and $1,160 levels. Ether price even broke the $1,185 level and traded higher above $1,194. Recently, there was a minor downside correction below the $1,180 level. The price recently declined from the 23.6% Fib retracement level of the upward move from $1,110 low to $1,194 high.
However, the price is trading above the $1,150 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,160 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An immediate upside resistance is near the $1,190 level. The next major resistance is near the $1,120 area, above which the price is likely to consolidate. In the specified case, the price is likely to rise towards the $1,250 resistance area. If the bulls remain active, the price could climb towards the $1,320 area.
Latest drop in ETH?
If Ethereum fails to rise above the $1,200 resistance, it could start a downside correction. An initial support on the downside is near the $1,160 area. The next major support is near the $1,150 area. It is near the 50% Fib retracement level of the recent rise from the $1,110 swing high level to $1,194 high.
A break below the $1,150 support might send the price towards the 100 hourly simple moving average or $1,120. Any further losses may extend towards $1,050.
hourly macd , The MACD for ETH/USD is now losing momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is now well above the 50 level.
Key Support Level – $1,120
Key Resistance Level – $1,200