- ETH price rocketed above the $1200 before creating a dip and rip situation against the US Dollar.
- A crucial bullish trend line with current support at $1060 prevented declines on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair has resumed its uptrend and it looks set for a move above the $1220 level.
Ethereum price is forming bullish moves against the US Dollar and Bitcoin. ETH/USD corrected sharply and is currently poised to resume uptrend above $1220.
Ethereum Price Support
Yesterday, we discussed that ETH price is poised to break the $1200 level against the US Dollar. The price made a nice upside move and traded above the $1200 level. A new all-time high was formed at $1222.46 before sellers appeared. There was a major downside reaction and the price tumbled below the $1100 and $1000 support levels. However, the downside move was protected by the $950 support.
More importantly, a crucial bullish trend line with current support at $1060 prevented declines on the hourly chart of ETH/USD. The trend line support at $1060 along with the 100 hourly simple moving average acted as a decent support. The pair bounced and moved above the 50% Fib retracement level of the last drop from the $1222.46 high to $956.85 low. The current price action is positive since the price has moved above the $1150 level.
Moreover, the price is now placed above the 76.4% Fib retracement level of the last drop from the $1222.46 high to $956.85 low. Therefore, there are high chances of it breaking the $1222 high in the near term. If all goes well, the price could even accelerate above the $1250 level. On the downside, the $1120 support is an initial buy zone. However, the most important support is at $1060 and the 100 hourly SMA.
Hourly MACD – The MACD is moving back higher in the bullish zone.
Hourly RSI – The RSI is once again moving toward the 70 level.
Major Support Level – $1060
Major Resistance Level – $1220
Charts courtesy – SimpleFX