Ethereum is showing positive signs above the $1,100 zone against the US Dollar. ETH could rise further above the $1,170 resistance zone.
- Ethereum gained strength for a move above the $1,100 and $1,120 levels.
- The price is now trading above $1,120 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if there is a move above the $1,170 resistance zone.
Ethereum Price Remains Supported
Ethereum made another attempt to clear the $1,165 and $1,170 resistance levels. However, the bears were active near the $1,170 level.
The recent high was formed near $1,169 before there was a downside correction. The price traded below the $1,150 and $1,130 support levels. Ether price traded below the 50% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high.
However, the bulls seem to be active near the $1,120 support zone. It also found support near the 61.8% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high.
Ether is now trading above $1,120 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,150 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,170 zone, above which the price may perhaps surpass the $1,200 resistance. In the stated case, the price could rise towards the $1,250 resistance. Any more gains might send the price towards the $1,320 zone.
Fresh Decline in ETH?
If ethereum fails to rise above the $1,170 resistance, it could start another downside correction. 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 downside break below the $1,100 support may perhaps spark another decline. In this case, the price might drop towards the $1,070 level.
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 well above the 50 level.
Major Support Level – $1,100
Major Resistance Level – $1,170
