Ethereum is holding a major support near $ 1,150 against the US Dollar. The ETH price is consolidating and likely preparing for a massive rise above $ 1,250.
Ethereum is facing a few big hurdles around $ 1,245 and $ 1,250.
The price is likely to be above $ 1,150 and near the 100 hourly simple moving average.
There is an important contract triangle formed on the hourly ETH / USD parity with support close to $ 1,195.
Unless there is a clear break below the $ 1,150 support zone, the pair is likely to outperform Bitcoin.
Ethereum price on key support
In the past 2-3 sessions, Ethereum has made two attempts to gain strength above $ 1,250 and $ 1,280. ETH price failed to break above $ 1,250, formed a high near $ 1,270, and a new decline started recently.
There was a break below the $ 1,225 and $ 1,220 support levels. Ethereum price even dropped below the $ 1,200 level and tested the 100 hourly simple moving average. A low was formed around $ 1,184 and is currently consolidating near the $ 1,195 level.
The first major resistance is near the $ 1,250 level. The next major resistance is located at the $ 1,280 level. A close above $ 1,280 will likely open the doors for a strong rally above $ 1,300 and $ 1,350.
If Ethereum corrects below the triangle trend line and below $ 1,192, it could find strong support near the $ 1,150 level.
A bearish break and a closing below the $ 1,150 support level could possibly lead to a strong decline of the price towards $ 1,100. However, Ethereum appears stable above $ 1,150, while Bitcoin is showing bearish signs below $ 35,500 and $ 36,000.
Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH / USD is still below the 50 level.
Support Level: $ 1,150.
Resistance Level – $ 1,250.