Ethereum corrected sharply down from a new all-time high of $ 1,166 against the US dollar. The ETH price remained well bid near $ 900 and is currently showing signs of another spike.
- Ethereum rebounded significantly, trading at a new all-time high at $ 1,160 before correcting down.
- The price is now consolidating above $ 900 and well above the 100-hour simple moving average.
- An important bullish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 980.
- The pair will likely go higher again as long as there isn’t a close below $ 975 and $ 950.
The price of the Ethereum remains high
In Ethereum there was a sharp spike above $ 900 and $ 1,000. The ETH price exceeded the $ 1,100 level and was well above the 100-hour simple moving average. A new multi-month high was formed near $ 1,160 before the price corrected sharply lower.
The price fell 20% below $ 1,100. The ether price was even below the USD 1,000 and USD 900 levels. A low was formed near $ 889 before the price rose again.
The price rose higher above the $ 1,000 and $ 1,100 levels. However, the bulls struggled to gain momentum above $ 1,120 and $ 1,130, respectively. A high is formed near $ 1,135 and the price is falling again. It has passed the support level of $ 1,050.
Source: ETHUSD on TradingView.com
There was a break below the 50% fib retracement level of the latest wave from the $ 889 low to the $ 1,135 high. On the downside, there is strong support near the USD 980 and USD 950 levels. A major bullish trendline is also forming on the hourly chart of ETH / USD with support near USD 980.
The trendline is close to the 61.8% Fib retracement level of the recent wave from the $ 889 low to the $ 1,135 high. On the upside, the price faces hurdles near $ 1,050 and $ 1,080. The main resistance is now forming near $ 1,120 above which the ether price could rebound significantly.
Other disadvantages at ETH?
If Ethereum fails to hit the USD 1,080 and USD 1,120 resistance levels, it could correct lower. Initial support to the downside is near the trendline at USD 980.
A downside break below trendline support could lead the ether price towards the USD 950 support zone. Further losses could mean pushing the $ 900 level and 100 hour SMA in the short term.
Hourly MACD – – The MACD for ETH / USD is showing some bearish signs.
Hourly RSI – – The RSI for ETH / USD is currently close to the 50 level.
Main Tier Support – $ 980
Main Resistance Level – $ 1,120