Key Highlights
- ETH price is grinding higher and it recently moved above the $1150 resistance against the US Dollar.
- There is a key bullish trend line forming with support at $1145 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair remains supported on the downside above $1120, and it may continue to rise in the near term.
Ethereum price is back in the bullish zone against the US Dollar and Bitcoin. ETH/USD is likely to extend gains above the $1200 and $1250 level.
Ethereum Price Support
There was a start of a fresh upside wave in ETH price above the $1120 level against the US Dollar. The price gained pace and was able to move above the $1150 and $1200 resistance levels. It even traded above the $1220 level and formed a high at $1229. Later, a downside correction was initiated and the price moved below the 23.6% Fib retracement level of the last wave from the $1078 low to $1229 high.
On the downside, there is a key bullish trend line forming with support at $1145 on the hourly chart of ETH/USD. At the moment, the pair is testing the 50% Fib retracement level of the last wave from the $1078 low to $1229 high. It is finding bids near the $1155-60 support area. It seems like the current price action is bullish above the $1120 level. The trend line support at $1145 may be considered as a major buy zone in the short term. As long as the pair is above the $1120 pivot level, it remains in an uptrend.
On the upside, an initial resistance is near the $1200 level. A break above $1200 could push the price towards $1225-30 in the near term.
Hourly MACD – The MACD is back in the bullish zone.
Hourly RSI – The RSI is currently around the 50 level and is showing positive signs.
Major Support Level – $1120
Major Resistance Level – $1200
Charts courtesy – SimpleFX
