Ethereum is slowly moving towards $1,200 against the US dollar. ETH could clear $1,200 unless it fails to stay above the $1,120 support area.
- Ethereum extended its gains and rose above the $1150 resistance area.
- The price is now trading above $1150 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).
- The pair could continue rising if it stays above the key $1,120 support area.
Ethereum price is steadily rising
Ethereum stay still Above the pivot level $1100. There was a steady increase that started above the $1120 resistance area.
The bulls managed to push the price above the $1,150 and $1,160 levels. Ether price broke as high as $1,185 and traded as high as $1,194. Recently, there was a slight downside correction below the $1180 level. The price declined below the 23.6% Fib retracement level of the recent increase from the $1,110 swing low to $1,194 high.
However, the price is trading above $1150 and Simple moving average per 100 hours. 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
There is an immediate resistance on the upside near the $1,190 level. The next major resistance is near the $1,120 area, above which the price may gain strength. In the mentioned case, the price may rise towards the $1250 resistance. If the bulls continue to move, the price could rise towards the $1320 area.
A new drop in ETH?
If Ethereum fails to rise above the $1200 resistance, it may start a downside correction. There is initial support on the downside near the $1160 region. The next major support is near the $1,150 area. It is close to the 50% Fib retracement level of the recent increase from the $1,110 swing low to $1,194 high.
A break-down below the $1,150 support level could send the price towards the 100-hourly simple moving average, or $1,120. Any further losses could lead to a move towards $1050.
MACD per hour – ETH/USD’s MACD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Key Support Level – $1,120
Key Resistance Level – $1200