Ethereum Price Key Indicator Is Point Confirming Recovery Case Above $1,250

Ethereum holds critical support at $1,150 against the US dollar. ETH is on the rise and may even clear the $1,250 resistance zone soon.

• Ethereum fell, but the bull market was active around $1,150.
• The price is currently trading above $1,180 and the 100 hour simple moving average.
• The ETH/USD hourly chart (data feed via Kraken) has formed a significant bearish trendline with resistance near $1,195.
• The pair could move steadily higher once the $1,200 and $1,230 resistance levels are cleared.

Novel Increase in Ethereum Price

Ethereum price has begun a downward correction from the $1,230 resistance. ETH has broken below the $1,200 support zone and the 100-hour Simple Moving Average, similar to Bitcoin.

However, the bulls were active near $1,150. After hitting lows near $1,150, the price started a decent rally again. Ether price managed to clear the resistance levels of $1,165 and $1,180.There was a clear move above the 23.6% Fib retracement level of the recent drop from the high of $1,236 to the low of $1,150. .

Ether price is currently trading above $1,180 and the 100 hour simple moving average. The immediate resistance on the upside is near $1,195.

The ETH/USD hourly chart also has an important bearish trend line formed with resistance near $1,195. It’s near the Fib retracement level. The next big resistance is near $1,230.

Source: ETHUSD on TradingView.com

The main breakout zone is around $1,250. The price needs to settle above the $1,250 resistance to start a strong rally. In this case, the Ether price may move higher towards the $1,320 resistance zone. Any further gains could send the price towards the $1,420 resistance zone.

Fresh drop of ETH?

If Ethereum fails to break out of the $1,230 resistance, another drop could start. The first support on the downside is near $1,170.

The next major support is near $1,150. A break below $1,150 could even push the price below $1,130. In the above scenario, the price is likely to fall towards the $1,075 support zone.

technical indicators

Hourly MACD – The ETH/USD MACD is currently gaining momentum in the bullish zone.

Hourly RSI – The ETH/USD RSI is currently above the 50 level.

Major Support Level – $1,150

Major Resistance Level – $1,230

Featured image from iStock