Ethereum started a recovery wave above the $1,240 level against the US Dollar. ETH could move higher after clearing the $1,280 and $1,300 resistance levels.
- Ethereum started a recovery wave above the $1,220 and $1,240 levels.
- The price is now trading near $1,260 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,275 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to consolidate above the $1,300 resistance to start a decent rise in the near term.
Ethereum price remains in range
Ethereum remained well bid above the $1,170 level, similar to bitcoin. ETH started a steady recovery wave above the $1,200 resistance area.
The price was able to clear the 50% Fibonacci retracement level of the downside move from the $1,348 swing high to $1,170 low. There was also an increase above the $1,250 resistance area. However, the price failed to gain strength above the $1,280 level. Ether price is now trading near $1,260 and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $1,275 level. There is also a major bearish trend line forming with resistance near $1,275 on the hourly chart of ETH/USD.
The trend line is near the 61.8% Fibonacci retracement level of the decline from the $1,348 high to $1,170 low. The next major resistance is near the $1,300 level. A clear break above the $1,300 resistance could set the pace for a decent recovery wave.
Source: ETHUSD on TradingView.com
In the mentioned case, the price could rise towards the $1,350 level. Any further gains could send the price towards the $1,400 resistance area.
Fresh decline in ETH?
If Ethereum fails to climb above the $1,300 resistance, it could start another decline. On the downside, an initial support is near the $1,225 level.
The next major support is near the $1,200 level, below which ether price could revisit the $1,170 support area. If the bulls fail to defend the $1,170 support, there is a risk of a bigger decline. In the declared scenario, the price could decline towards the $1,100 support area in the near term.
hourly macd , The MACD for ETH/USD is now losing momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is now well above the 50 level.
Key Support Level – $1,170
Major Resistance Level – $1,300