Is Ethereum, which dropped $ 200, in the last exit before the rally?

Ethereum rise to an annual high of $ 1,280 before correcting the bearish against the US Dollar. ETH price dropped to just over $ 200. However, the bulls were active near the 100 hour simple moving average.

Ethereum climbed above $ 1,200 and reached a new multi-month high near $ 1,280.

The price corrects gains, but is bidding well above the $ 1,100 and the 100 hourly simple moving average.

There was a break below a major bullish trend line with support near $ 1,225 on the hourly chart of ETH / USD.

The pair will likely continue to rise as long as it is above the $ 1,100 level and the 100 hourly SMA.

Ethereum price is correcting sharply

Yesterday there was a strong upward movement in Bitcoin and Ethereum above $ 38,500 and $ 1,200 respectively. The ETH price even climbed above the $ 1,250 level.

Recently, there was a sharp downside correction below the $ 1,200 level. ETH price dropped above $ 200 and even fell below the $ 1,100 level.

However, the bulls remained active near the 100 hourly simple moving average. A low was formed around $ 1,065 and the price is currently up. The price broke the $ 1,100 level and is trading well above the 100 hourly SMA.

It is currently facing hurdles near the $ 1,175 and $ 1,180 levels.

If there is a clear break above $ 1,180 and a follow-up move above $ 1,200, the price could initiate a new increase towards the $ 1,280 and $ 1,300 levels.

Are the decreases in ETH limited?

If Ethereum fails to clear the $ 1,180 and $ 1,200 resistance levels, it could initiate another downside correction. Initial downside support is near the $ 1,135 level.

The main support is currently forming near the $ 1,100 level and the 100 hourly SMA. If there is a close below the 100 hourly SMA, the price could drop substantially towards the $ 1000 support level.

Technical indicators

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

Hourly RSI – The RSI for ETH / USD is currently recovering towards the 45 level.

Major Support Level – $ 1,100.

Major Resistance Level – $ 1,200.