Ethereum Could Rally If The Bulls Clear This Key Resistance


Ethereum started an upward correction from the $880 area against the US Dollar. ETH is rising and attempting a bullish breakout above the $1,150 resistance area.

  • Ethereum started an upward correction above the $1,000 resistance area.
  • The price is now trading above $1000 and the 100 hourly simple moving average.
  • There is a short-term contracting triangle forming with resistance near $1,150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a steady increase if the key resistance area at $1,150 is cleared.

Ethereum price faces a major barrier

Ethereum started decent upward movement From the $880 support area. ETH rose above $950 and $1,000 to move into a short-term bullish zone.

The bulls pushed the price above the 50% Fib retracement level of the main decline from the $1,255 swing high to the $880 low. Finally, there was a move above the $1,100 level. However, the ether price is now facing a significant resistance near the $1,150 and $1,160 levels.

The price is now trading above $1000 and Simple moving average per 100 hours. It is also above the 23.6% Fib retracement level of the upward move from the $880 swing low to $1,174 high.

Besides, there is also a short-term contracting triangle forming with resistance near $1,150 on the hourly chart of ETH/USD. There is an immediate resistance near the $1,150 level. The next major resistance is near the $1,160 area. A clear move above the $1,160 resistance area may start a steady upward move.

Ethereum price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,260 level. Any further gains could start to move towards the $1350 resistance in the near term.

A new drop in ETH?

If Ethereum fails to rise above the $1150 resistance, it may start a new decline. There is initial support on the downside near the $1,100 area and the triangle’s lower trendline.

The next major support is near the $1030 region. It is near the 50% Fib retracement level of the upward move from the $880 swing low to $1,174 high. Any further losses may require a move towards the $950 support area.

Technical Indicators

MACD per hourETH/USD’s MACD is losing momentum in bullish territory.

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

Key Support Level – $1,030

Key Resistance Level – $1,150



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