Ethereum rose higher and tested the $1,275 resistance zone against the US Dollar. ETH is consolidating gains and could point to a further move above the $1300 resistance.
Ethereum struggled to break 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 new rise if the price sustains above the $1220 support zone.
Ethereum price remains stable
Ethereum price started a decent rise 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 formed near $1,271 and recently started a minor downward correction. There was a move below the 23.6% Fibonacci retracement level of the up move from the $1204 low to $1271 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.
Source: ETHUSD on TradingView.com
An immediate resistance is near the $1260 level. The next major resistance is near the $1270 level. A clear move above the $1,270 resistance could lead to a decent rally. In the indicated case, the price perhaps rises towards the $1,320 resistance. The next major resistance could be $1,350, above which the price could rally towards the $1,450 resistance zone.
Dips supported on ETH?
If ethereum fails to clear the $1,260 resistance, it could correct further lower. An initial support on the downside is near the $1240 level.
The next big support is near the $1230 level and the trend line. It is close to the 61.8% Fibonacci retracement level of the up move from the $1,204 low to $1,271 high. A break below the trend line support could send the price looking towards the $1,200 support. Further losses could require a test of the $1,180 area.
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
Highest Resistance Level: $1,275
This post Ethereum Price Consolidates Gains, Why ETH Could Start Another Rise
was published first on https://newsbtc.com/analysis/eth/ethereum-price-consolidates-1200/
