Ethereum experienced a sharp decline from its all-time high of $ 1.166 against the US Dollar. The ETH price has bid well around $ 900 and is now showing signs of a fresh increase.
Ethereum rose significantly and traded above the $ 1,160 level before correcting lower.
The price is currently consolidating above $ 900 and is well above the 100 hourly simple moving average.
There is a key bullish trend line formed with support near $ 980 on the hourly chart of ETH / USD.
Unless there is a close below $ 975 and $ 950, the pair is likely to continue to rise.
Ethereum price is high
There was a strong increase in Ethereum above the $ 900 and $ 1000 levels. ETH price broke the $ 1,100 level and settled well above the 100 hourly simple moving average. Before the price dropped sharply, it hit the $ 1,160 level.
There was a 20% decline below $ 1,100. Ethereum price even dropped below the $ 1,000 and $ 900 levels. There was a low around $ 889 before the price started a new increase.
The price climbed above the $ 1,000 and $ 1,100 levels. However, the bulls struggled to gain momentum above the $ 1,120 and $ 1,130 levels. A high value is formed around $ 1,135 and the price is falling again. The price broke the $ 1,050 support level.
On the downside, on the downside, there is a strong support formed near the $ 980 and $ 950 levels. There is also an important bullish trend line formed with support near $ 980 on the hourly chart of ETH / USD.
On the upside, the price is facing hurdles near $ 1,050 and $ 1,080. The main resistance is currently forming around $ 1,120 and towards above this level Ethereum price could rise significantly.
Will there be more drops in Ethereum?
If Ethereum fails to cross the $ 1,080 and $ 1,120 resistance levels, it may make a lower correction. The first downside support is near the $ 980 trend line.
A downside break below the trendline support could drive Ethereum price towards the $ 950 support zone. More losses could possibly bring a pullback towards the $ 900 level and the 100 hourly SMA in the near term.
Hourly MACD – The MACD for ETH / USD is showing several bearish signs.
Hourly RSI – The RSI for ETH / USD is currently near the 50 level.
Support Level – $ 980
Resistance Level: $ 1,120