Ethereum is attempting a break above the $1,230 resistance against the US dollar. ETH can start a strong rise if it breaks above the resistance levels of $1,230 and $1,250. Ethereum tested the $1,180 level and moved higher.
The current retail price is over $1,200 with 100 simple watch movements. There is a break above the key congruent triangle and resistance near $1,215 on the hourly chart of ETH/USD (data feed from Kraken).
The pair could gain significant momentum if there is a clear move above $1,230 and $1,250.
Ethereum Price Looks New Rally
Ethereum price started a downward correction from the $1,230 resistance zone. ETH bounced back below the $1,200 support zone and the 100 hourly moving average. However, the bulls are active above the $1,160 support zone. The low started near $1,180 and the price rose sharply, just like bitcoin. There is a strong move above the $1,200 level. In addition, there is a break above the major contract triangle with resistance near $1,215 on the hourly chart of ETH/USD.
Ether price is currently trading above $1,200 with 100 hourly moving averages. It is currently trading below the 23.6% Fib retracement level of the recent wave from the low of $1,180 to $1,237. Immediate resistance is near the $1,230 level. The next major resistance is near the $1,250 level. A sharp break above the $1,250 resistance could initiate a strong move higher. In the case indicated, the price may rise towards the resistance at $1,300.
Another major resistance could be $1,350. If the bulls break through the resistance at $1,350, the price may rise to $1,400. Any further gains could send the price to the $1,500 resistance zone.
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Another Decline in ETH?
If Ethereum falls above the $1,250 resistance, it could trigger another decline. The first support at the bottom is near the $1,210 level and the 100 hourly simple moving average. The next major support is near the $1,200 level. It is near the 61.8% Fib retracement level of the recent wave from the $1,180 low to the $1,237 low. A break below $1,200 could trigger a move to $1,150 support. Any further losses could push the price to the $1,100 region.
Technical presentation
- Hourly MACD – MACD for ETH/USD is currently losing in bullish territory.
- Hourly RSI – The RSI for ETH/USD is currently above the 50 level. Main Sponsorship Level – $1,200.
- Major resistance – $1,230.
