Ethereum started a decent recovery wave above $1,150 against the US Dollar. ETH is now approaching a major hurdle near $1,230 and $1,250.
- Ethereum started an upward correction above the $1,120 and $1,150 resistance levels.
- The price is now trading above $1,150 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,190 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue higher towards $1,230, but the bears could turn a strong stance.
Ethereum price faces hurdle
Ethereum price formed a base above the $1,070 level and initiated a recovery wave similar to Bitcoin. ETH slowly moved higher and it managed to clear the $1,150 resistance zone.
The bulls pushed the price above the 61.8% Fib retracement level of the downside move from the $1,231 high to the $1,073 low. Ether price is now trading above $1,150 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,190 on the hourly chart of ETH/USD.
The pair appears to be consolidating above the 76.4% Fib retracement level of the downside move from the $1,231 high to the $1,073 low. an immediate one Resistance on the upside is near $1,220.
Source: ETHUSD on TradingView.com
The next major resistance is near $1,230 and $1,250 zone. To start a real recovery wave and gain bullish momentum, the price needs to settle above $1,250. A clear close above the $1,250 resistance could send the price towards the $1,320 resistance zone. Further gains could open the doors for a test of the $1,400 resistance zone.
ETH decline again?
If Ethereum fails to scale above the $1,250 resistance, it could initiate another decline. Initial support on the downside is near $1,190 and the trendline.
The next major support is near $1,150 and the 100 hourly simple moving average, below which ether price might see further declines. In the mentioned scenario, the price could drop towards the $1,100 support zone in the short-term. Further losses could require a move towards the main $1,070 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.
Greater support level – $1,150
Main resistance level – $1,250
Source: Crypto News Deutsch