In comparison to the US Dollar, Ethereum’s price is now stabilizing below the $1,230 barrier level. If the price of ETH is able to break through the resistance levels between $1,230 and $1,250, it may begin a gradual upward trend.
The price of Ethereum is gradually climbing higher from the support zone around $1,190.
The current price is trading higher than $1,210 and the 100 hourly simple moving average as of right now.
On the hourly chart of ETH/USD, there was a break over a crucial negative trend line with resistance near $1,215. (data feed via Kraken).
If there is a decisive move over $1,230 and $1,250, then the pair may acquire momentum in the bullish direction.
Ethereum Stayed Well Bid
The price of Ethereum was strongly bid above $1,180 and $1,190 throughout the trading day. The price of ETH started climbing after establishing a support level higher than $1,190.
The $1,200 resistance zone, as well as the 100 hourly simple moving average, were both overcome, resulting in a clear move higher. The price of ether increased to a point where it was above the 50% Fib retracement level of the decline that began with a swing high of $1,237 and ended with a swing low of $1,193.
On top of that, there was a break above a key negative trend line on the hourly chart of ETH/USD, and that line had been acting as resistance above $1,215. Consolidation is currently taking place near the 61.8% Fib retracement line of the bearish trend that began at the swing high of $1,237 and ended at the swing low of $1,193.
Near the level of $1,230 lies an immediate area of resistance. The next significant barrier to overcome is located close to the $1,250 level. A decisive victory over the $1,250 barrier in the uptrend might signal the beginning of a sustained advance. In the scenario presented, there is a chance that the price will advance toward the resistance level of $1,300.
Source: ETHUSD on TradingView.com
The next significant barrier could be found at $1,350. In the event that the price is able to push through the barrier at $1,350 and continue upward, it is possible that it will reach $1,400. Any further advances might potentially drive the price into the zone of resistance above $1,500.
Still Within A Range For ETH?
It is possible that Ethereum may begin a new decline if it is unable to break over the resistance level of $1,230. In the event that prices go lower, first support might be found close to the $1,215 level and the 100 hourly simple moving average.
The area close to 1,200 dollars is the next important level of support. The area of close to 1,190 dollars serves as the primary support. If the price drops below $1,190, it might trigger a move that takes it closer to the $1,150 support level. Should there be any further losses, the price may go closer to the $1,100 zone.
Indicators of A Technical Nature
Hourly MACD The MACD for ETH/USD is currently moving farther into the positive zone and gathering strength. Hourly RSI: The RSI for ETH/USD is currently located higher above the level of 50.
Major Support Level – $1,190
Major Resistance Level – $1,230