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TA: Ethereum Bulls In Control, Why ETH Could Clear $1,300
Ethereum is slowly moving higher above the $1,200 zone against the US Dollar. ETH could continue to rise unless there is a clear move below the $1,150 support.
Ethereum is facing resistance near the $1,250 and $1,280 levels.
The price is now trading above $1,200 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $1,225 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if there is a clear move above the $1,250 resistance.
Ethereum Price Eyes More Gains
Ethereum remained well supported above the $1,150 level. ETH gained pace for a move above the $1,200 resistance zone to move into a positive zone.
There was also a spike above the $1,250 resistance and a close above the 100 hourly simple moving average. Ether price traded as high as $1,281 and recently corrected gains. There was a move below the $1,250 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,042 swing low to $1,281 high.
Besides, there was a break below a key bullish trend line with support near $1,225 on the hourly chart of ETH/USD. The price is now trading above $1,200 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $1,225 level. The next major resistance is near the $1,250 zone. A clear move above the $1,250 resistance zone could start a steady increase. In the stated case, the price could even surpass the $1,280 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,320 level. Any more gains could start a move towards the $1,440 resistance in the near term.
Fresh Decline in ETH?
If ethereum fails to rise above the $1,250 resistance, it could start a fresh decline. An initial support on the downside is near the $1,200 zone and the 100 hourly simple moving average.
The next major support is near the $1,115 zone. It is close to the 50% Fib retracement level of the upward move from the $1,042 swing low to $1,281 high. A close below the $1,150 level might start another decline. In the stated case, ether price may perhaps decline towards the $1,050 level.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support Level – $1,150
Major Resistance Level – $1,250
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