Ethereum holds the support levels of $ 1,240 and $ 1,220 against the US dollar. ETH price seems to expect a fresh spike above the USD 1,300 and USD 1,320 resistance levels in the short term.
- Ethereum retested the $ 1,200 support zone where the bulls took a stand.
- The price is now rebounding towards the $ 1,300 resistance and 100 hour simple moving average.
- A large bearish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with resistance near USD 1,300.
- The pair could see a sharp rise if there is a clear close above $ 1,300 and the 100-hour SMA.
The price of Ethereum is likely to rise
In Ethereum there was a downward extension below the USD 1,250 support level. The ETH price even traded below the support level of $ 1,220 and was below the 100-hour simple moving average.
However, the bulls were able to protect the main USD 1,200 support zone. A low is being formed near $ 1,204 and the price is currently rebounding higher. There was a pause above the $ 1,240 and $ 1,250 resistance levels. The bulls also pushed the price above the 23.6% fib retracement level of the recent decline from the high of $ 1,375 to the low of $ 1,204.
Ether is now facing resistance near the $ 1,290 and $ 1,300 levels. The 50% Fib retracement level of the recent decline from the high of $ 1,375 to the low of $ 1,204 is also close to $ 1,289.
Source: ETHUSD on TradingView.com
The main resistance is at $ 1,300. A large bearish trendline is also forming on the hourly chart of ETH / USD with resistance near USD 1,300. If the price of ether clears the $ 1,300 trendline resistance and 100 hour SMA, there is a possibility of rising again.
The next major resistance could be $ 1,375. A closing price above the $ 1,375 level could open the doors for a steady rise in upcoming sessions towards $ 1,450.
Upward pause at ETH?
If Ethereum fails to clear the $ 1,300 trendline resistance and 100-hour SMA, there is the possibility of another bearish reaction.
Initial downside support is near the USD 1,240 level. The main support is forming near the USD 1,200 level. If Ether breaks the $ 1,200 support, it risks falling to the $ 1,120 level.
Hourly MACD – – The MACD for ETH / USD is slowly gaining pace in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is currently just above the 50 level.
Main support tier – $ 1,240
Main Resistance Level – $ 1,300