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.

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 hour – The MACD for ETH / USD is slowly gaining pace in the bearish zone.

RSI per hour – The RSI for ETH / USD is still below the 50 level.

Major Support Level – USD 1,150

Major Resistance Level – USD 1,250