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Ethereum Price

Ethereum Price Consolidates Gains, Why ETH Could Start Another Increase

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

Ethereum climbed higher and tested the $1,275 resistance zone against the US Dollar. ETH is consolidating gains and might aim a fresh move above the $1,300 resistance.

  • Ethereum struggled to climb higher above the $1,275 and $1,280 resistance levels.
  • The price is now trading above $1,230 and the 100 hourly simple moving average.
  • There is a connecting bullish trend line forming with support near $1,230 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if the price stays above the $1,220 support zone.

Ethereum Price Remains Stable

Ethereum price started a decent increase above the $1,220 level. ETH gained pace and was able to clear the $1,240 resistance zone, similar to bitcoin.

The price even spiked above the $1,250 level and tested the $1,275 level. A high was formed near $1,271 and recently started a minor downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $1,204 swing low to $1,271 high.

Ether price is now trading above $1,230 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $1,230 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance is near the $1,260 level. The next major resistance is near the $1,270 level. A clear move above the $1,270 resistance could a decent increase. In the stated case, the price may perhaps rise towards the $1,320 resistance. The next major resistance could be $1,350, above which the price could rise towards the $1,450 resistance zone.

Dips Supported in ETH?

If ethereum fails to clear the $1,260 resistance, it could correct further lower. An initial support on the downside is near the $1,240 level.

The next major support is near the $1,230 level and the trend line. It is near the 61.8% Fib retracement level of the upward move from the $1,204 swing low to $1,271 high. A downside break below the trend line support might send the price towards the $1,200 support. Any more losses might call for a test of the $1,180 zone.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now near the 50 level.

Major Support Level – $1,230

Major Resistance Level – $1,275

Tags: ETHethereumethusdETHUSDT
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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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