Ethereum is facing resistance above $1,250 against the US Dollar. ETH could gain bullish momentum if it clears the $1,230 and $1,250 resistance levels.
- Ethereum attempted a recovery wave and climbed above the $1,200 level.
- The price is now trading above $1,200 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $1,220 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could a steady increase if there is a clear move above $1,230 and $1,250.
Ethereum Price Eyes Upsides Break
Ethereum price started an upside correction from the $1,150 support zone. ETH was able to climb above the $1,180 and $1,200 levels.There was a close above the $1,200 level and the 100 hourly simple moving average. Ether price even tested the $1,230 resistance zone. It is now consolidating below the $1,230 level, similar to bitcoin. There was a minor decline below the $1,220 level.
An immediate resistance is near the $1,220 level. There is also a key contracting triangle forming with resistance near $1,220 on the hourly chart of ETH/USD. The first major resistance is near the $1,230 level. A clear upside break above the $1,230 resistance could send the price towards the $1,250 resistance.
Fresh Decrease in ETH?
If ethereum fails to climb above the $1,230 resistance, it could start another drop. An initial support on the downside is near the $1,200 level and the 100 hourly simple moving average.Hourly MACD – The MACD for ETH/USD is now slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,190 Major Resistance Level – $1,230