Ethereum is slowly moving higher above the $ 1,120 zone against the US Dollar. ETH could rally if there is a clear move above the $ 1,165 resistance level.
- Ethereum is facing resistance near the $ 1,165 and $ 1,190 levels.
- The price is now trading above $ 1,120 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $ 1,085 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair could gain bullish momentum if there is a clear move above the $ 1,165 resistance.
Ethereum Price Eyes Upside Break
Ethereum started a downside correction below the $ 1,120 level. ETH even traded below the $ 1,080 level, but the bulls were active near the $ 1,050 support zone.
The price traded as low as $ 1,048 and recently started a fresh increase. Ether price was able to surpass the $ 1,100 level. There was a move above the 50% Fib retracement level of the downward move from the $ 1,192 swing high to $ 1,048 low.
Besides, there was a break above a major bearish trend line with resistance near $ 1,085 on the hourly chart of ETH / USD. The pair is now trading above $ 1,120 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $ 1,165 level. It is close to the 76.4% Fib retracement level of the downward move from the $ 1,192 swing high to $ 1,048 low. The next major resistance is near the $ 1,190 zone. A clear move above the $ 1,190 resistance zone could start a steady increase.
Source: ETHUSD on TradingView.com
The next major resistance is near the $ 1,250 level. Any more gains could start a move towards the $ 1,320 resistance in the near term.
Fresh Decline in ETH?
If ethereum fails to rise above the $ 1,165 resistance, it could start a fresh decline. An initial support on the downside is near the $ 1,120 zone.
The next major support is near the $ 1,100 zone and the 100 hourly simple moving average. A close below the $ 1,100 level might start another decline. In the stated case, ether price may perhaps decline towards the $ 1,050 level. Any more losses might call for a move towards the $ 1,000 support.
Hourly MACD – The MACD for ETH / USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH / USD is now above the 50 level.
Major Support Level – $ 1,100
Major Resistance Level – $ 1,165
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