Ethereum is trading in the range below $1,250 against the US Dollar. ETH may continue to move lower if it stays below the $1,220 resistance.
- Ethereum is still trading below the $1,200 and $1,220 resistance levels.
- The price is currently trading below $1,200 and the hourly simple moving average is 100.
- There is a key bullish trend line forming with support near $1,195 on the ETH/USD hourly chart (data feed via Kraken).
- The pair remains at risk of fresh downside if it stays below the $1,120 or even $1,250 levels.
Ethereum price is still in a range
Ethereum price is trying to break above the $1,210 zone. ETH faces resistance below $1,220 and remains in the bearish zone, similar to bitcoin.
A high was formed near $1,205 and there is a bearish reaction. The price traded as high as $1,192 and remained in a range. The current price is higher than $1,195. The price rose above the 23.6% Fib retracement level of the recent decline from the $1,205 swing high to the $1,192 low.
Ether price is currently trading below $1,200 and the hourly simple moving average is 100. There is also a key bullish trend line formed with support near $1,195 on the hourly chart of ETH/USD.
The immediate resistance is near the $1,200 level and the hourly SMA is 100. It is near the 50% Fib retracement level of the recent decline from the $1,205 swing high to the $1,192 low.
The next major resistance is near the $1,210 level. The first major resistance is near $1,220. A close above the $1,220 resistance could start a decent upward move. In that case, the price may rise towards the $1,250 resistance. The next major resistance could be $1,270, above which the price could rise to the $1,300 resistance zone.
A recent drop in ETH?
If ethereum fails to rise above the $1,210 resistance, it could start another decline. Initial support on the downside is near the $1,195 level and the trend line.
The next major support is near the $1,185 level. A downside break below $1,185 could send the price to the $1,150 support. Any losses may require a test of the $1,120 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently near the 50 level.
Key Support Level – $1,185
Main Resistance Level – $1,210