Ethereum is slowly moving higher above the $1120 area against the US Dollar. ETH could rise if there is a clear move above the $1,165 resistance.
- Ethereum is facing resistance near the $1,165 and $1,190 levels.
- The price is now trading above $1,120 and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $1085 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 $1,165 resistance level.
Ethereum price eyes broken upside down
Ethereum started file Correction of the negative side Below the $1,120 level. ETH traded even below the $1,080 level, but the bulls were active near the $1,050 support area.
The price traded as low as $1048 and recently started a new increase. Ether price managed to break above $1100 level. There was a move above the 50% Fib retracement level of the downside move from the $1,192 swing high to the $1,048 low.
Besides, there was a break above the major downtrend line with resistance near $1,085 on the hourly chart of ETH/USD. The pair is now trading above the $1120 level and Simple moving average per 100 hours.
There is an immediate resistance on the upside near the $1,165 level. It is close to the 76.4% Fib retracement level of the downside move from the $1,192 swing high to the $1,048 low. The next major resistance is near the $1,190 region. A clear move above the $1190 resistance area could start a steady increase.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1250 level. Any further gains could start to move towards the $1320 resistance in the near term.
A new drop in ETH?
If Ethereum fails to rise above the $1,165 resistance, it may start a new decline. There is initial support on the downside near the $1120 region.
The next major support is near the $1,100 area and the 100 hourly simple moving average. A close below $1,100 could start another decline. In the aforementioned case, the price of Ether may fall towards the $1050 level. Any further losses may require a move towards the $1,000 support.
MACD per hour – ETH/USD’s MACD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Main Support Level – $1100
Key Resistance Level – $1,165