Ethereum Price Key Indicators Point Firming Case For Recovery Above $1,250

Ethereum is holding the key $1,150 support against the US Dollar. ETH is rising and might even clear the $1,250 resistance zone in the near term.

• Ethereum corrected lower, but the bulls were active near $1,150.
• The price is now trading above $1,180 and the 100 hourly simple moving average.
• There is a key bearish trend line forming with resistance near $1,195 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could rise steadily if it clears the $1,200 and $1,230 resistance levels.

Ethereum Price Eyes Fresh Increase

Ethereum price started a downside correction from the $1,230 resistance. ETH declined below the $1,200 support zone and the 100 hourly simple moving average, similar to bitcoin.

However, the bulls were active near the $1,150 zone. A low was formed near $1,150 and the price started another decent increase. Ether price was able to clear the $1,165 and $1,180 resistance levels. There was a clear move above the 23.6% Fib retracement level of the recent decline from the $1,236 swing high to $1,150 low.

Ether price is now trading above $1,180 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,195 level.

There is also a key bearish trend line forming with resistance near $1,195 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,236 swing high to $1,150 low. The next major resistance is near the $1,230 level.

Source: ETHUSD on TradingView.com

The main breakout zone is near the $1,250 level. To start a strong increase, the price must settle above the $1,250 resistance. In the stated case, ether price could rise towards the $1,320 resistance zone. Any more gains might send the price towards the $1,420 resistance zone.

Fresh drop in ETH?

If ethereum fails to climb above the $1,230 resistance, it could start another decline. An initial support on the downside is near the $1,170 level.

The next major support is near the $1,150 level. If there is a break below $1,150, the price could even decline below $1,130. In the stated scenario, the price could drop towards the $1,075 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,150

Major Resistance Level – $1,230

Featured image from iStock

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