Ethereum gained pace and created the $1,200 area against the US Dollar. ETH is up 8% and may continue to rise towards $1,300 or $1,320.
- Ethereum extended its gains and rose above the $1200 resistance area.
- The price is now trading above $1,200 and the 100 hourly simple moving average.
- There is a crucial bullish trend line forming with support near $1,210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue rising if it stays above the key $1,200 support area.
Ethereum price is gaining momentum
Ethereum She has been well supported above the $1,120 level. The price started a new increase and managed to pass a major hurdle near the $1150 level.
It opened the door to a sharp increase above the $1,200 level. Ether price even broke through the $1,250 level and traded to a new monthly high of $1,276. It is now trading above $1200 and Simple moving average per 100 hours.
The price is testing the 23.6% Fib retracement level of the recent increase from the swing low of $1,162 to $1,276. There is also a crucial bullish trend line forming with support near $1,210 on the hourly chart of ETH/USD. There is an immediate resistance on the upside near the $1,275 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1320 area, above which the price may gain strength. In the mentioned case, the price could rise towards the $1350 resistance. If the bulls continue to move, the price could rise towards the $1420 area.
Dips Limited in ETH?
If Ethereum fails to rise above the $1,275 resistance, it may start a downside correction. There is initial support on the downside near the $1230 region. The next major support is near the $1210 area. It is close to the 50% Fib retracement level of the recent increase from the $1,162 swing low to $1,276 level.
A break-down below the support level at $1,210 could send the price towards the 100 hourly simple moving average or $1,160. If the price fails to stay above the 100-hour simple moving average, it may slide towards the $1120 level.
MACD per hour – ETH/USD’s MACD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Key Support Level – $1,210
Key Resistance Level – $1,275