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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Ethereum

TA: Ethereum Fails Again At $1,150: Why Dips Could Be Limited

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

Ethereum started a decent increase above $1,080, but it failed again near $1,150 against the US Dollar. ETH price is consolidating and it could make another attempt to clear $1,150.

  • Ethereum is still struggling to clear the main $1,150 resistance zone.
  • The price is now trading near the $1,100 zone and the 100 hourly simple moving average.
  • There is a key ascending channel forming with support near $1,100 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could soon make another attempt to clear the $1,150 resistance level in the near term.

Ethereum Price Testing Key Pivot Zone

There was a decent recovery wave in bitcoin, ethereum, ripple and other altcoins. ETH price formed a support base above the $1,000 level and recovered above the $1,050 level.

There was also a break above a key bearish trend line with resistance near $1,060 on the hourly chart of ETH/USD. It opened the doors for more gains above the $1,100 level and the 100 hourly simple moving average. Ether spiked above the $1,120 resistance, but it struggled to clear the $1,150 resistance once again.

A high is formed near the $1,147 level and the price is current correcting lower. It broke the $1,120 level and tested the 23.6% Fib retracement level of the recent wave from the $983 swing low to $1,147 high.

Ethereum Price

Source: ETHUSD on TradingView.com

It is now trading near the $1,100 zone and the 100 hourly simple moving average. There is also a key ascending channel forming with support near $1,100 on the same chart. If there is a downside break below the channel support, the price could decline towards the $1,065 support zone.

The 50% Fib retracement level of the recent wave from the $983 swing low to $1,147 high is also near $1,065. The next major support is near the $1,045 level, below which the price could revisit $1,000.

Upside Break in ETH?

If ethereum stays above the channel support, it could climb above $1,120. In the stated case, it could make another attempt to clear the $1,150 resistance level.

A close above the $1,150 level, with a proper follow through could start a strong increase. The next hurdle for the bulls above the $1,150 zone is near the $1,240 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is struggling to gain pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is moving lower towards the 50 level.

Major Support Level – $1,065

Major Resistance Level – $1,150

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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