- Ethereum price was earlier struggling to clear the $11.80 resistance area, but it finally managed to break it.
- ETH/USD moved above $11.80, which can now act as a support and push the price higher.
- There is an ascending channel pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which may act as a catalyst for the next move.
Ethereum price popped above a major resistance area of $11.80. Now, can it provide support and push ETH higher versus the USD?
Ethereum Price – Move Towards $12.40 Possible?
Ethereum price kept struggling near the $11.80 resistance area, as highlighted in yesterday’s post. However, the ETH bulls finally managed to take the price above the stated level, and there was an hourly close above it. Now, the price is moving down, and the same resistance area is currently acting as a support and helping the bulls to regain ground.
There is an ascending channel pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which may play a major role for Ethereum price in the near term. As long as the price is above the $11.80 level, there is a chance of a spike towards the $12.40 level. So, if you are looking to buy ETH/USD, the stop should be just below $11.80.
A break below the stated support area may ignite more losses that could take the price towards the 38.2% Fib retracement level of the last move from the $10.10 low to $11.12 high. In short, we need to keep a close eye on $11.80 if looking for a buy trade in the short term.
Hourly MACD – The MACD is not showing any signs of a major move in the near term.
Hourly RSI – The RSI is above the 50 level, which is bullish sign and may push ETH higher moving ahead.
Intraday Support Level – $11.80
Intraday Resistance Level – $12.12
Charts courtesy of Kraken via Trading View