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Ethereum corrected lower and tested the $ 1,250 support zone against the US Dollar. ETH price is consolidating above $ 1,280 and a new increase is expected in the near term.
Ethereum is gaining above the $ 1,250 and $ 1,280 support levels.
The price is currently correcting lower than $ 1,385, but is located above the 100 hourly simple moving average.
There is a crucial contract triangle formed with support near $ 1,275 on the hourly chart of ETH / USD.
The pair may recover again, but it is likely to continue to bid above the $ 1,250 and $ 1,275 support levels.
Ethereum price holds key support
Yesterday, we saw a downside correction below the $ 1,350 and $ 1,300 support levels in Ethereum. ETH price even rose below the $ 1,280 support level and the 100 hourly simple moving average.
Testing the $ 1,250 support zone, ETH has consistently recovered above $ 1,300. There was a break above the $ 1,350 resistance and a close above the 100 hourly simple moving average. However, ETH price failed to cross the $ 1,400 resistance zone.
A high was formed around $ 1,388 and the price is currently correcting lower. There is also an important contract triangle formed with support near $ 1,275 on the hourly chart of ETH / USD.
The main resistance is near the $ 1,385 and $ 1,400 levels. A successful close above the $ 1,400 resistance could open the doors for a new rise towards the $ 1,450 and $ 1,480 levels.
What are the supported drops in ETH?
If Ethereum struggles to hold steady above $ 1,300, it could correct further. The first support on the downside is near the $ 1,280 level and the triangle trend line.
The main support is currently forming near the $ 1,250 level. If Ethereum cannot stay above the $ 1,250 support, it could fall further towards the $ 1,180 and $ 1,165 support levels.
Technical indicators
Hourly MACD – The MACD for ETH / USD is moving slowly in the bullish zone.
Hourly RSI – The RSI for ETH / USD is currently near the 50 level.
Support Level – $ 1,280.
Resistance Level: $ 1,380.
