Ethereum rose above $1,220 against the US Dollar. ETH could rise again if there is a clear move above the $1,240 and $1,250 resistance levels.
- Ethereum is trying to make new gains above the $1,200 and $1,220 resistance levels.
- The price is currently trading above $1,200 and the hourly simple moving average is 100.
- There is a bullish trend line connecting with support near $1,200 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could gain bullish momentum if there is a clear move above the $1,250 resistance.
The price of Ethereum started to increase
Ethereum price remains well above the $1,200 level. ETH bulls are active and defending big losses below the $1,180 level. The price started a decent rise above the $1,220 level, the same as bitcoin.
A low was formed near $1,204 and the price rose above $1,220. The price even rose above the $1,230 level and is now showing many positive signs. The price is currently showing many bullish signs above the $1,220 level.
The price of ether is also trading above $1,200 and the hourly simple moving average is 100. There is also a bullish trend line connecting with support near $1,200 on the hourly chart of ETH/USD. The pair appears to be consolidating above the 23.6% Fib retracement level of the recent wave from the $1,204 swing to the $1,233 high.
Source: ETHUSD on TradingView.com
Immediate resistance is near the $1,250 level. The next major resistance is near the $1,265 level. A close above the $1,265 resistance could start a decent upward move. In that case, the price may rise towards the $1,300 resistance. The next major resistance may be $1,350, above which the price may rise to the $1,400 resistance zone.
Dips Supported in ETH?
If ethereum fails to rise above the $1,250 resistance, it could start another decline. Initial support on the downside is near the $1,220 level.
The next major support is near the $1,200 level. A downside break below $1,200 could send the price to the $1,180 support. Any losses can get a test of $1,100 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Key Support Level – $1,200
Major Resistance Level – $1,250