Ethereum rose higher and crossed the $1,275 resistance against the US dollar. ETH is consolidating gains, and could aim for a new move above the $1300 resistance.
- Ethereum failed to surpass the $1,275 or $1,280 resistance levels.
- The price trades above $1,230 as well as the 100 hourly simple moving median.
- A connecting bullish trend line is visible with support at $1,230 on the hourly chart for ETH/USD (datafeed via Kraken).
- If the price is above the $1.220 support zone, then the pair could begin a new rise.
Ethereum Price remains stable
The Ethereum price saw a significant increase above the $1.220 level. ETH was able to gain momentum and clear the $1,240 resistance zone. This is similar to bitcoin.
The price spiked to $1,250 and then reached the $1.275 level. The price reached a high of $1,271 before undergoing a minor correction. The move was below the 23.6% Fib Retracement level of the upward movement from the $1.204 swing low to the $1.271 high.
The Ether price has risen to $1,230 above the 100-hourly simple moving average. On the hourly chart for ETH/USD, there is a bullish trend line connecting with support at $1,230.
Source: ETHUSD on TradingView.com
Near the $1,260 mark is an immediate resistance. The $1,270 mark is the next major resistance. An increase of at least $1,270 could be possible if the price moves clear of this resistance. In this scenario, the price could move towards the $1320 resistance. The $1,350 resistance is the next major obstacle. Above that, the price may rise to the $1,450 resistance.
Dips that are supported by ETH
It could fall further if ethereum fails the $1,260 resistance. Initial support for the downside is at the $1,240 level.
The trend line and the $1,230 level are the next major support. It is close to the 61.8% Fib Retracement level of the upward movement from the $1.204 swing low and $1,271 high. A break below the trendline support could send the price towards $1,200. If the price continues to fall below the trend line support, it might trigger a test at $1,180.
Hourly MACD – The MACD for USD/ETH is losing momentum in bullish territory.
Hourly RSI – The RSI is close to 50 for USD/ETH.
Major Support Level – $1,230
Major Resistance Level – $1,275