Crypto NewsEthereum (ETH)

Ethereum price rally may fade soon if ETH fails to break $1,250

Ethereum started a decent recovery wave above $1,180 against the US Dollar. ETH could start a fresh decline if it breaks below the Resistance of $1,250 remains.

  • Ethereum struggled to gain pace for a move above the $1,230 resistance level.
  • The price is now trading above $1,170 and the 100 hourly simple moving average.
  • There is a short-term bullish flag forming with resistance near $1,200 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might start a fresh decline if there is no clear move above $1,230 and $1,250.

Ethereum price is rejected

Ethereum price started a recovery wave above the $1,150 resistance similar to Bitcoin. ETH even scaled above the $1,200 resistance and settled above the 100 hourly simple moving average.

However, there was no test of the $1,230 resistance zone. Ethereum price traded as high as $1,215 and it is currently correcting gains. There was a slight drop below the $1,200 level. It is now approaching the 23.6% Fib retracement level of the move higher from the $1,073 swing low to $1,215 high.

It is now trading above $1,170 and the 100 hourly simple moving average. There is also a short-term bullish flag forming with resistance near $1,200 on the hourly chart of ETH/USD. Immediate resistance on the upside is near $1,200 and the channel trendline.

Ethereum price rally may fade soon if ETH fails to break $1,250, Crypto Trading News

Source: ETHUSD on TradingView.com

The next major resistance is near $1,230. The main breakout zone is near the $1,250 level. To move into a positive zone, the price needs to settle above $1,250. In the mentioned case, ether price could perhaps rise 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 $1,230 resistance, it could initiate another decline. Initial support on the downside is near $1,170 and the 100 hourly simple moving average.

The next major support is near $1,150 or the 50% Fib retracement level of the move higher from the $1,073 swing low to $1,215 high, below which ether price might gain bearish momentum. In the given scenario, the price could drop towards the $1,070 support zone.

Technical indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Greater support level – $1,150

Main resistance level – $1,230

Source: Crypto News Deutsch

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