Ethereum traded to a new annual high at $ 1,280 before correcting lower against the US dollar. ETH price was down more than USD 200, but the bulls were active near the easy 100-hour moving average.
- Ethereum gained speed above USD 1,200 and traded to a new multi-month high near USD 1,280.
- The price corrects the gains, but bidding is well above $ 1,100 and the simple 100-hour moving average.
- There was a break below a major bullish trendline with support at USD 1,225 on the ETH / USD hourly chart (data feed via Kraken).
- The pair is likely to stay higher as long as it stays above the $ 1,100 level and the 100 hourly SMA.
Ethereum price corrects sharply
There was a strong upward movement in it yesterday bitcoin and Ethereum above USD 28,500 and USD 1,200, respectively. In fact, the ETH price spiked above the USD 1,250 level and traded towards a new multi-month high near USD 1,280.
Recently, there was a sharp downside correction below the USD 1,200 level. Ether price declined over USD 200 and even peaked below the USD 1,100 level. There was also a break below a major bullish trend line with support near $ 1,225 on the ETH / USD hourly chart.
However, the bulls remained active near the 100 simple hourly moving average. A low is forming near USD 1,065 and the price is currently climbing. It broke the USD 1,100 level and traded cleanly above the 100 hourly SMA.
Source: ETHUSD on TradingView.com
Ether climbed above the 23.6% Fib retracement level from the downside correction from the high of $ 1,279 to the low of $ 1,065. It is now facing hurdles near the USD 1,175 and USD 1,180 levels (a major failure zone).
The 50% Fib retracement level of the downward correction from the $ 1,279 high to $ 1,065 low is also acting as a resistance for the bulls. If there is a clear break above USD 1,180 and a follow-up move above USD 1,200, the price could start a fresh rise towards the USD 1,280 and USD 1,300 levels.
Dips limited in ETH?
If ethereum fails to clear the USD 1,180 and USD 1,200 resistance levels, it could start another downside correction. An initial support on the downside is near the USD 1,135 level.
The main support is now forming near the USD 1,100 level and the 100 hourly SMA. If there is a close below the 100 hourly SMA, the price could drop sharply towards the USD 1,000 support level.
MACD per hour – The MACD for ETH / USD is slowly gaining pace in the bullish zone.
RSI per hour – The RSI for ETH / USD is currently recovering towards the 45 level.
Major Support Level – USD 1,100
Major Resistance Level – $ 1,200