Ethereum is slowly moving above the $1,120 zone against the US Dollar. ETH could rally if there is a clear move above the $1,165 resistance level.
Ethereum is facing resistance near the $1,165 and $1,190 levels. The price is now trading above $1,120 and the 100 hourly simple moving average. There was a break above a major downtrend line with resistance near $1,085 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain some upside momentum if there is a clear move above the $1165 resistance.
Ethereum Price Eyes Upside Break
Ethereum started a downward correction below the $1,120 level. ETH even traded below the $1080 level, but the bulls were active near the $1050 support zone.
The price traded as low as $1,048 and recently started a new rise. Ether price was able to break above the $1,100 level. There was a move above the 50% Fibonacci retracement level of the downward move from the $1,192 high to $1,048 low.
Furthermore, there was a break above a major downtrend line with resistance near $1,085 on the hourly chart of ETH/USD. The pair is now trading above $1,120 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $1,165 level. It is near the 76.4% Fib retracement level of the downward move from the $1,192 high to $1,048 low. The next major resistance is near the $1,190 zone. A clear move above the $1,190 resistance zone could initiate a steady rise.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,250 level. Further gains could start a move towards the $1,320 resistance in the near term.
New drop in ETH?
If ethereum fails to break above the $1,165 resistance, a new decline could begin. An initial support on the downside is near the $1,120 zone.
The next major support is near the $1,100 zone and the 100 hourly simple moving average. A close below the $1100 level could start another drop. In the indicated case, the price of ether may perhaps decline towards the $1,050 level. Any further losses could require a move towards the $1,000 support.
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: $1,100
Major resistance level: $1,165
This post Key Ethereum Indicators Suggest a Case of Strengthening for More Upside
was published first on https://www.newsbtc.com/analysis/eth/ethereum-more-upsides-1200/
