Ethereum started a fresh increase of more than $ 1,050 against the US dollar. ETH price is showing positive signs and is likely to continue higher towards the USD 1,200 and USD 1,250 levels.
- Ethereum started a fresh upward move above the USD 1,020 and USD 1,050 resistance.
- The price is now trading well above USD 1,100 and the 100 easy hourly moving average.
- There was a break above a major bearish trendline with resistance near $ 1,110 on the ETH / USD hourly chart (data feed via Kraken).
- The pair is likely to stay higher as it moves above the USD 1,135 and USD 1,150 resistance levels.
Ethereum Price Eyes Fresh All-Time High
After a downward correction, Ethereum formed a support base near USD 980 and USD 1,000. As a result, ETH started a fresh rise and broke the USD 1,020 and USD 1,050 resistance levels.
The price gained pace, climbing nicely above the USD 1,100 level. There was a break above the 76.4% Fib retracement level of the downward move from the $ 1,135 high to the $ 974 swing low. More importantly, there was a break above a major bearish trendline with resistance near $ 1,110 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
The price is now trading well above USD 1,100 and the 100 easy hourly moving average. A successful close above the USD 1,120 and USD 1,135 resistance levels could accelerate gains in the near term.
The next stop for the bulls could be near the $ 1,175 zone. It is close to the 1,236 Fib extension level of the downward move from the $ 1,135 high to the $ 974 swing low. Even more profit could be made open the doors for a push towards the USD 1,220 and USD 1,250 levels short-term.
Dips supported in ETH?
If ethereum fails to clear the USD 1,130 and USD 1,150 resistance levels, it could start a downside correction in the near term. An initial support on the downside is near the dashed triangle trendline at $ 1,110.
A downside break below the trendline support could move the ether price towards the USD 1,080 support zone. Further losses could potentially require an extended decline below the USD 1,050 level. The next big support is near the triangle’s lower trendline at USD 1,040.
MACD per hour – The MACD for ETH / USD is gaining pace in the bullish zone.
RSI per hour – The RSI for ETH / USD is currently well above the 50 level.
Major Support Level – USD 1,050
Major Resistance Level – $ 1,135