Ethereum Price Analysis: Rally Possible Above This Hurdle
Ethereum price is rising above the $1,200 level against the US Dollar. ETH/USD could rise further if it clears the $1,300 resistance zone.
Ethereum Price Analysis
This past week, ethereum saw a strong increase above the $1,200 level against the US Dollar. ETH price was able to gain pace for a move above the $1,220 level and the 55 simple moving average (4-hours).
The upward move was such that the price broke the $1,250 resistance. It traded as high as $1,311 before there was a downside correction. There was a minor move below the $1,280 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,150 swing low to $1,311 high.
However, the bulls were active near the $1,250 support zone. The price is now trading above $1,220 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $1,240 on the 4-hours chart.
An immediate resistance on the upside is near the $1,280 level. The next major resistance is near the $1,300 zone. Any more gains could even send the price towards the $1,400 resistance zone in the near term. On the downside, an initial support is near the $1,240 level.
The next major support is now near the $1,230 level. It is near the 50% Fib retracement level of the upward move from the $1,150 swing low to $1,311 high.
A break below the $1,230 support could push the price to $1,180. Any more losses could lead the price towards $1,100, below which there is a risk of a larger decline in the coming days.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading above the $1,220 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it clears the $1,300 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $1,230, followed by the $1,180 zone.
Key Resistance$ Levels – $1,300 and $1,400.
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