Contents
Ethereum gained bullish momentum above the $ 1,150 resistance against the US dollar. ETH price broke the $ 1,200 resistance but struggled past the $ 1,250 level. Ethereum started a steady rise above the $ 1,150 and $ 1,200 resistance levels.
The price is facing resistance near the $ 1,250 level, but is located above the 100 hourly simple moving average.
There is a major bullish trend line formed with support near $ 1,200 on the hourly chart of ETH / USD.
The pair could correct the fall. However, previous resistance near $ 1,150 could serve as a strong support.
Ethereum price is rising
There was a strong increase in Bitcoin and Ethereum of over $ 38,500 and $ 1,150 respectively. ETH price gained bullish momentum after breaking the $ 1,150 resistance and the 100 hourly simple moving average.
The price even broke the $ 1,200 and $ 1,220 resistance levels. However, the bears were active near the $ 1,250 level. The Bulls made two attempts to clear the $ 1,250 zone, but they were unsuccessful. The recent high was formed around $ 1,252 and the price is currently consolidating gains.
A downside break below the trendline support could push the price towards the $ 1,150 support zone. On the upside, the $ 1,250 level is a major breakout zone.
A clear break above the $ 1,250 level could open the doors for a steady increase in the coming sessions. The next key resistance is near the $ 1,300 and $ 1,320 levels.
Technical indicators
Hourly MACD – The MACD for ETH / USD is slowly decelerating in the bullish zone.
Hourly RSI – The RSI for ETH / USD is falling towards the 55 level.
Support Level: $ 1,150.
Resistance Level – $ 1,250.
