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Ethereum

TA: Ethereum Consolidates Near $1,200: Why ETH Could Climb To $1,320

Aayush Jindal by Aayush Jindal
2 years ago
in ETH
Reading Time: 2 mins read

Ethereum extended its rise above the $1,150 and $1,200 resistance levels against the US Dollar. ETH price is currently consolidating gains and it could rise further towards $1,280.

  • Ethereum is following a bullish path above the $1,120 and $1,150 resistance levels.
  • The price is now trading above $1,200 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $1,180 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher if it remains stable above $1,180 and $1,150.

Ethereum Price Rallies 12%

After forming a support base above $1,100, Ethereum started a fresh increase. ETH price broke the $1,120 and $1,150 resistance levels to move further into a positive zone.

There was also a break above the $1,200 level and a close above the 100 hourly simple moving average. Ether price traded to a new multi-month high near $1,230 and it is currently consolidating gains. An initial support on the downside is near the $1,200 level.

It is close to the 23.6% Fib retracement level of the upward move from the $1,109 swing low to $1,230 high. There is also a key rising channel forming with support near $1,180 on the hourly chart of ETH/USD.

Ethereum Price

The channel support is close to the 50% Fib retracement level of the upward move from the $1,109 swing low to $1,230 high. On the upside, the $1,230 level is a minor resistance. A clear break above the $1,230 level could open the doors for a larger increase (similar to bitcoin).

In the stated case, the price could easily drift above the $1,250 level. The next key stop could be $1,300, above which it could test the $1,320 level in the near term.

Dips Limited in ETH?

If ethereum fails to clear the $1,230 and $1,250 resistance levels, it could start a short-term downside correction. An initial support on the downside is near the channel support and $1,180.

A downside break below the channel support trend line might lead ether price towards the $1,125 support zone 9a multi-touch zone). Any more losses might call for a test of the 100 hourly SMA at $1,035 in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently well above the 60 level.

Major Support Level – $1,180

Major Resistance Level – $1,230

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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