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Ethereum

Ethereum Price Relatively Muted, Bulls Still Aim Key Upside Break

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

Ethereum is consolidating below the $1,230 resistance against the US Dollar. ETH could start a steady increase if it clears the $1,230 and $1,250 resistance levels.

  • Ethereum is slowly moving higher from the $1,190 support zone.
  • The price is now trading above $1,210 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line 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 Upside Break

Ethereum price remained well bid above the $1,180 and $1,190 levels. ETH formed a base above the $1,190 level and started an upward move.

There was a clear move above the $1,200 resistance zone and the 100 hourly simple moving average. Ether price climbed above the 50% Fib retracement level of the downward move from the $1,237 swing high to $1,193 swing low.

Besides, there was a break above a key bearish trend line with resistance near $1,215 on the hourly chart of ETH/USD. The pair is now consolidating near the 61.8% Fib retracement level of the downward move from the $1,237 swing high to $1,193 swing low.

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 steady increase. 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 there is an upside break above the $1,350 resistance, the price might rise towards $1,400. Any more gains might send the price towards the $1,500 resistance zone.

ETH Still In a Range?

If ethereum fails to climb above the $1,230 resistance, it could start another drop. An initial support on the downside is near the $1,215 level and the 100 hourly simple moving average.

The next major support is near the $1,200 level. The first major support is near the $1,190 level. A downside break below $1,190 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 gaining momentum in the bullish zone.

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

Major Support Level – $1,190

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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