Ethereum is slowly moving higher above the $1,200 area against the US Dollar. ETH could continue to rise unless there is a clear move below the $1,150 support level.
- Ethereum is facing resistance near the $1,250 and $1,280 levels.
- The price is now trading above $1,200 and the 100 hourly simple moving average.
- There was a break below the major uptrend line with support near $1,225 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if there is a clear move above the $1250 resistance.
Ethereum price eyes more gains
Ethereum remains well supported above the $1,150 level. ETH has gained pace to move above $1200 resistance area To move into positive territory.
There was also a rise above the $1250 resistance and a close above the 100 hourly simple moving average. Ether price traded as high as $1,281 and recently corrected gains. There was a move below the $1250 level. The price fell below the 23.6% Fib retracement level of the upward move from the $1,042 swing low to $1,281 high.
Besides, there was a break below the major uptrend line with support near $1,225 on the hourly chart of ETH/USD. The price is now trading above $1200 and Simple moving average per 100 hours.
There is an immediate resistance on the upside near the $1,225 level. The next major resistance is near the $1250 area. A clear move above the $1250 resistance area could start a steady increase. In the mentioned case, the price could go above the $1280 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,320 level. Any further gains could start to move towards the $1,440 resistance level in the near term.
A new drop in ETH?
If Ethereum fails to rise above the $1250 resistance, it may start a new decline. There is initial support on the downside near the $1,200 area and the 100 hourly simple moving average.
The next major support is near the $1,115 region. It is close to the 50% Fib retracement level of the upward move from the $1,042 swing low to $1,281 high. A close below the $1150 level could start another decline. In the aforementioned case, the price of Ether may fall towards the $1050 level.
MACD per hour – ETH/USD’s MACD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now approaching the 50 level.
Key Support Level – $1,150
Key Resistance Level – $1250