Ethereum started a decent rally above USD 1,080, but it failed again at USD 1,150 against the US dollar. The ETH price is consolidating and it could make another attempt to free up $ 1,150.
- Ethereum is still struggling to clear the key USD 1,150 resistance zone.
- The price is now trading near the $ 1,100 zone and the 100 hourly simple moving average.
- A major upward channel is forming with support near USD 1,100 on the ETH / USD hourly chart (data feed via Kraken).
- The pair may soon make another attempt to clear the USD 1,150 resistance level in the near term.
Ethereum Price Testing Key Pivot Zone
There was quite a wave of recovery bitcoin, ethereum, ripple and other altcoins. ETH price established support above the USD 1,000 level and rebounded above the USD 1,050 level.
There was also a break above a major bearish trendline with resistance near USD 1.060 on the ETH / USD hourly chart. It opened the doors for more gains above the USD 1,100 level and the 100-hour simple moving average. Ether peaked above the USD 1,120 resistance, but struggled to keep up with the $ 1,150 resistance again.
A high is forming near the USD 1,147 level and the price is currently correcting lower. It broke the USD 1,120 level and tested the 23.6% Fib retracement level of the recent wave from the $ 983 to $ 1,147 high swing low.
Source: ETHUSD on TradingView.com
It is now trading near the $ 1,100 zone and the 100 simple hourly moving average. There is also a significant bullish channel forming with support near USD 1,100 on the same chart. If there is a downside break below the channel support, the price could decline towards the USD 1,065 support zone.
The 50% Fib retracement level of the recent wave from the $ 983 swing low to $ 1,147 high is also near $ 1,065. The next big support is near the USD 1,045 level, below which the price could return to USD 1,000.
Upside down in ETH?
If ethereum stays above the channel support, it could climb above USD 1,120. In the case mentioned, it could make another attempt to clear the USD 1,150 resistance level.
A close above the USD 1,150 level with a good follow-up could trigger a surge. The next hurdle for the bulls above the USD 1,150 zone is near the USD 1,240 level.
MACD per hour – The MACD for ETH / USD is struggling to gain pace in the bullish zone.
RSI per hour – The RSI for ETH / USD is falling to the 50 level.
Major Support Level – USD 1,065
Major Resistance Level – USD 1,150