Ethereum started a modest increase of over $ 1,080 but failed again around $ 1,150 against the US Dollar. The ETH price is consolidating and may take another attempt to clear $ 1,150.
Ethereum is still struggling to clear the key resistance zone at $ 1,150.
The price is currently trading in the $ 1,100 zone and near the 100 hourly simple moving average.
There is a key bullish channel formed with support near $ 1,100 on the hourly chart of ETH / USD.
The pair may soon make another attempt to clear the $ 1,150 resistance level in the near term.
Ethereum price test
There was a good wave of recovery in Bitcoin, Ethereum, Ripple and other Altcoins. ETH price formed a support base above the $ 1,000 level and recovered above the $ 1,050 level.
There was also a break above a key bearish trend line with resistance near $ 1,060 on the hourly chart of ETH / USD.
The price opened the doors for more gains above the $ 1,100 level and the 100 hourly simple moving average. Ethereum climbed above the $ 1,120 resistance but struggled to clear the $ 1,150 resistance once again.
It is currently trading in the $ 1,100 zone and near the 100 hourly simple moving average. There is also an important rising channel formed with support close to $ 1,100 in the same chart. If there is a downside break below the channel support, the price could drop towards the $ 1,065 support zone.
If Ethereum stays above channel support, it could go above $ 1,120. In the stated situation, it can make another attempt to clear the $ 1,150 resistance level.
A close above the $ 1,150 level could start a strong increase with a proper follow-up. For the bulls above the $ 1,150 zone, the next hurdle is near the $ 1,240 level.
Hourly MACD – The MACD for ETH / USD is trying to gain momentum in the bullish zone.
Hourly RSI – The RSI for ETH / USD is falling towards the 50 level.
Support Level – $ 1,065.
Resistance Level: $ 1,150.