Ethereum Tops Near $1,200, Why Dips Could Be Attractive


Ethereum started an upward correction above the $1050 area against the US Dollar. ETH traded near the $1200 resistance area before facing the sellers.

  • Ethereum started an upward correction above the $1,100 resistance area.
  • The price is now trading below $1150 and the 100 hourly simple moving average.
  • There was a break below the major uptrend line with support near $1180 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could revisit the key support levels at $1050 and $1040 in the near term.

Ethereum price corrected lower

Ethereum was able to climb above $1050 resistance area. ETH even recovered above the $1120 resistance area and settled above the 100 hourly simple moving average.

Finally, the price broke the resistance level of $1,150 and traded near the $1,200 level. A top formed near $1,192 before the bears appeared. Ether price failed to continue rising and traded below the $1150 level.

There was a break below the 23.6% Fib retracement level of the upward move from the $880 swing low to $1,192 high. Besides, there was a break below the major uptrend line with support near $1,180 on the hourly chart of ETH/USD.

Ether price is now trading at less than $1,150 and 100-hour simple moving average. There is an immediate resistance near the $1,120 level. The next major resistance is near the $1,150 area. A clear move above the $1,150 resistance area could push the price towards $1,200.

Ethereum price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1250 level. Any further gains could start to move towards the resistance level at $1,320 in the near term.

More losses in ETH?

If Ethereum fails to rise above the $1120 resistance, it may continue to decline. There is initial support on the downside near the $1060 region.

The next major support is near the $1050 area. It is close to the 50% Fib retracement level of the upward move from the swing low of $880 to the high of $1,192. Any further losses may require a move towards the $1,000 support area.

Technical Indicators

MACD per hourETH/USD’s MACD is gaining momentum in bearish territory.

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

Key Support Level – $1,050

Key Resistance Level – $1,150



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