Ethereum found support near $1,070 and recovered above $1,150 against the US Dollar. ETH could rise further, but upsides might face hurdles near $1,200 and $1,230.
- Ethereum started an upside correction from the $1,070 and $1,080 support 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 $1,140 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further towards $1,200 or even $1,230 in the near term.
Ethereum Price Recovers
Ethereum price remained well bid near the last swing low at $1,070, similar to bitcoin. ETH formed a base above the $1,070 and $1,080 levels before it started an upside correction.
There was a decent recovery wave above the $1,120 and $1,140 resistance levels. Ether price jumped above the 50% Fib retracement level of the key drop from the $1,232 swing high to $1,073 low. Besides, there was a break above a major bearish trend line with resistance near $1,140 on the hourly chart of ETH/USD.
The price is now trading above $1,120 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,170 level. It is close to the 61.8% Fib retracement level of the key drop from the $1,232 swing high to $1,073 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,200 level. A clear break above the $1,200 resistance could send the price towards the $1,230 resistance zone. Any more gains might open the doors for a test of the $1,300 resistance zone.
Fresh Decline in ETH?
If ethereum fails to climb above the $1,200 resistance, it could start another decline. An initial support on the downside is near the $1,150 level and the 100 hourly simple moving average.
The next major support is near the $1,120 level, below which ether price may perhaps decline further. In the stated scenario, the price could decline towards the $1,070 support zone in the near term. Any more losses might call for a move towards the main $1,000 support in the coming sessions.
Technical Indicators
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 – $1,120
Major Resistance Level – $1,200
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