Ethereum is showing positive signs above the $1,100 region against the US Dollar. ETH could rise further above the $1170 resistance area.
- Ethereum gained strength to move above the $1,100 and $1,120 levels.
- The price is now trading above $1,120 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue rising if there is a move above the $1170 resistance area.
Ethereum price still supported
Ethereum has made another attempt to clear The $1,165 and $1,170 resistance levels. However, the bears have been active near the $1,170 level.
The recent rally formed near $1,169 before there was a downside correction. The price traded below the $1150 and $1130 support levels. Ether price traded below the 50% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high.
However, bulls seem to be active near $1,120 support area. It also found support near the 61.8% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high.
Ether is now trading above $1,120 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD. There is immediate resistance on the upside near the $1,150 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,170 area, above which the price may break the $1,200 resistance level. In the mentioned case, the price may rise towards the $1250 resistance. Any further gains could send the price towards the $1320 area.
A new drop in ETH?
If Ethereum fails to rise above the $1170 resistance, it may start another downside correction. 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 break-down below the $1,100 support level could trigger another drop. In this case, the price may decline towards the $1,070 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 – $1100
Key Resistance Level – $1,170