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Ethereum bulls defended the $1,220 support zone against the US Dollar. ETH is rising and might aim a strong bullish wave above the $1,300 resistance zone.
- Ethereum remained well bid and strong above the $1,220 zone.
- The price is now trading above $1,250 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $1,245 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is showing positive signs and might eye an upside break above the $1,300 resistance.
Ethereum Price Remains Stable
Ethereum price extended its decline below the $1,250 level. ETH even moved below the $1,240 support level and the 100 hourly simple moving average, similar to bitcoin.
However, the bulls were active near the $1,220 support zone. They defended more losses and slowly ether price moved higher. There was a move above the $1,240 and $1,250 levels. There was a break above the 50% Fib retracement level of the key decline from the $1,304 swing high to $1,220 low.
Besides, there was a break above a major bearish trend line with resistance near $1,245 on the hourly chart of ETH/USD. The pair is now trading above $1,250 and the 100 hourly simple moving average.
It is consolidating near the 76.4% Fib retracement level of the key decline from the $1,304 swing high to $1,220 low. An immediate resistance on the upside is near the $1,290 level. The first major resistance is near the $1,300 zone.
Source: ETHUSD on TradingView.com
A close above the $1,300 resistance might start a fresh increase. The next major resistance is near the $1,320 level, above which ether price could gain bullish momentum for a move to $1,400. Any more gains might send the price towards the $1,450 resistance zone.
Fresh Decline in ETH?
If ethereum fails to climb above the $1,300 resistance, it could start another drop. An initial support on the downside is near the $1,260 level and the 100 hourly simple moving average.
The next major support is near the $1,220 level. If there is a break and close below $1,220, the price could drop towards the $1,200 support. Any more losses could lead the price towards the $1,165 support.
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 correcting from the overbought zone.
Major Support Level – $1,220
Major Resistance Level – $1,300
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Image and article originally from newsbtc.com. Read the original article here.