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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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Ethereum Price Key Trend is Forming and Swift Recovery Could Occur

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

Ethereum is attempting an upside break above the $1,230 resistance against the US Dollar. ETH could start a strong increase if it settles above the $1,230 and $1,250 resistance levels.

  • Ethereum tested the $1,180 level and climbed higher sharply.
  • The price is now trading above $1,200 and the 100 hourly simple moving average.
  • There was a break above a key contracting triangle with resistance near $1,215 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if there is a clear move above $1,230 and $1,250.

Ethereum Price Eyes Fresh Rally

Ethereum price started a downside correction from the $1,230 resistance zone. ETH spiked below the $1,200 support zone and the 100 hourly simple moving average.

However, the bulls were active above the $1,160 support zone. A low was formed near $1,180 and the price climbed higher sharply, similar to bitcoin. There was a strong move above the $1,200 level. Besides, there was a break above a key contracting triangle with resistance near $1,215 on the hourly chart of ETH/USD.

Ether price is now trading above $1,200 and the 100 hourly simple moving average. It is now trading just below the 23.6% Fib retracement level of the recent wave from the $1,180 swing low to $1,237 high.

An immediate resistance is near the $1,230 level. The next major resistance is near the $1,250 level. A clear upside break above the $1,250 resistance could start a strong upward move. In the stated case, the price may perhaps rise towards the $1,300 resistance.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance could be $1,350. If the bulls clear the $1,350 resistance, the price might rise towards $1,400. Any more gains might send the price towards the $1,500 resistance zone.

Fresh Drop in ETH?

If ethereum fails to climb above the $1,250 resistance, it could start another drop. An initial support on the downside is near the $1,210 level and the 100 hourly simple moving average.

The next major support is near the $1,200 level. It is close to the 61.8% Fib retracement level of the recent wave from the $1,180 swing low to $1,237 high. A downside break below $1,200 might spark a move towards the $1,150 support. Any more losses could lead the price towards the $1,100 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 above the 50 level.

Major Support Level – $1,200

Major Resistance Level – $1,230

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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