Ethereum gained bullish momentum above the USD 1,150 resistance against the US dollar. ETH price broke the USD 1,200 resistance, but it struggled to clear the USD 1,250 level.
- Ethereum started a steady rise above the USD 1,150 and USD 1,200 resistance levels.
- The price is facing a resistance near USD 1,250, but it is above the 100 easy hourly moving average.
- A major bullish trendline is forming with support near USD 1,200 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could correct lower, but the earlier resistance near USD 1,150 should serve as a strong support.
Ethereum price turns green
There was a sharp increase in it bitcoin and Ethereum above USD 38,500 and USD 1,150, respectively. ETH price gained bullish momentum after it broke the USD 1,150 resistance and the 100-hour easy moving average.
The price even broke the USD 1,200 and USD 1,220 resistance levels. However, the bears were active near the USD 1,250 level. The bulls made two attempts to clear the USD 1,250 zone, but failed. The recent high was formed at $ 1,252 and the price is currently consolidating gains.
Source: ETHUSD on TradingView.com
It already tested the 23.6% Fib retracement level of the recent rise from the $ 983 swing low to the $ 1,252 high. On the downside, a major bullish trendline is forming with support near USD 1,200 on the ETH / USD hourly chart.
A downside break below the trendline support could move the price towards the USD 1,150 support zone. On the upside, the USD 1,250 level is a major escape zone. A clear break above the USD 1,250 level could open the doors for a steady rise in the coming sessions. The next key resistance is near the USD 1,300 and USD 1,320 levels.
Dips supported in ETH?
If ethereum corrects lower below the trendline and USD 1,200, it could find a strong support near USD 1,150 and the 100-hour easy moving average.
The next big support is near USD 1,120. It is close to the 50% Fib retracement level of the recent rise from the $ 983 swing low to the $ 1,252 high. Even more losses may prompt another decline towards the USD 1,050 support level in the near term.
MACD per hour – The MACD for ETH / USD is slowly losing pace in the bullish zone.
RSI per hour – The RSI for ETH / USD is falling to the 55 level.
Major Support Level – USD 1,150
Major Resistance Level – USD 1,250