Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum spiked above the $1,300 resistance zone against the US Dollar. ETH is correcting gains, but it remains supported near $1,250 and $1,230.
- Ethereum gained pace for a move above $1,300 before the bears appeared.
- The price is now trading above $1,250 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $1,280 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct further lower towards the $1,250 and $1,230 support levels.
Ethereum Price Eyes Another Increase
Ethereum price extended its increase above the $1,250 resistance zone. ETH even spiked above the $1,300 resistance zone and settled above the 100 hourly simple moving average, similar to bitcoin.
However, the bears were active abvoet the $1,300 resistance zone. Ether price traded as high as $1,309 before there was a downside correction. The price declined below the 23.6% Fib retracement level of the upward move from the $1,150 swing low to $1,309 high.
Besides, there was a break below a major bullish trend line with support near $1,280 on the hourly chart of ETH/USD. The pair is still trading above $1,250 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $1,290 level. The first major resistance is near the $1,300 level. A close above the $1,300 resistance might send the price further higher. The next major resistance is near the $1,350 level, above which ether price might test $1,400.
If the bulls remain in action above $1,400, the price could rise towards the $1,450 resistance zone. Any more gains might send the price towards the $1,500 resistance zone.
Dips Supported in ETH?
If ethereum fails to start another increase above the $1,300 resistance, it could start a downside correction. An initial support on the downside is near the $1,250 level and the 100 hourly simple moving average.
The next major support is near the $1,230 level or the 50% Fib retracement level of the upward move from the $1,150 swing low to $1,309 high. If there is a break below $1,230, the price could test the $1,180 support. Any more losses could lead the price towards the $1,150 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now just below the 50 level.
Major Support Level – $1,230
Major Resistance Level – $1,300
Featured Image by iStock
