Ethereum is holding a big support near USD 1,150 against the US dollar. ETH price is consolidating and it is likely to be gearing up for a major upside break above USD 1,250

  • Ethereum faces some major hurdles near USD 1,245 and USD 1,250.
  • The price is likely to stay well above USD 1,150 and near the 100 easy hourly moving average.
  • A major contracting triangle is forming with support near USD 1,195 on the ETH / USD hourly chart (data feed via Kraken).
  • The pair is likely to outperform bitcoin unless there is a clear break below the USD 1,150 support zone.

Ethereum Price Holding Key Support

In the past 2-3 sessions, Ethereum has made two attempts to gain strength above $ 1,250 and $ 1,280. ETH price did not rise above USD 1,250, peaked near USD 1,270 and recently started a fresh decline.

There was a break below the USD 1,225 and USD 1,220 support levels. In fact, the ether price spiked below the USD 1,200 level, testing the 100 simple hourly moving average. A low is formed at USD 1,184 and it is currently consolidating around the USD 1,195 level.

It looks like a major contracting triangle is forming with support near USD 1,195 on the ETH / USD hourly chart. An initial resistance on the upside is near the USD 1,225 level. It is close to the 50% Fib retracement level of the recent drop from the $ 1,270 high to the $ 1,184 low.

Ethereum price

Source: ETHUSD on TradingView.com

The first major resistance is near the USD 1,250 level. It coincides with the 76.4% Fib retracement level of the recent decline from the high of $ 1,270 to the low of $ 1,184. If the ether price breaks the USD 1,250 resistance and the upper triangle trendline, there is a chance of a surge.

The next big resistance is near the USD 1,280 level. A close above USD 1,280 will most likely open the doors for a strong rally above USD 1,300 and USD 1,350.

Dips supported in ETH?

If ethereum corrects lower below the triangle trendline and at USD 1,192, it could be a strong support near the USD 1,150 level (a multi-touch zone).

A downside break and close below the USD 1,150 support level could potentially lead to a sharp decline towards USD 1,100. That said, ether looks stable above USD 1,150, while bitcoin is showing bearish signals below USD 35,500 and USD 36,000.

Technical indicators

MACD per hourThe MACD for ETH / USD is slowly gaining pace in the bearish zone.

RSI per hourThe RSI for ETH / USD is still below the 50 level.

Major Support Level – USD 1,150

Major Resistance Level – USD 1,250



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