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Ethereum is facing resistance near the $1,250 and $1,280 levels. The price is now trading above $1,200 and the 100 hourly simple moving average.
Ethereum is slowly moving higher above the $1,200 zone against the US Dollar. ETH could continue to rise unless there is a clear move below the $1,150 support.
There was a break below a key bullish trend line with support near $1,225 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if there is a clear move above the $1,250 resistance.
Ethereum remained well supported above the $1,150 level. ETH gained pace for a move above the $1,200 resistance zone to move into a positive zone.
There was also a spike above the $1,250 resistance and a close above the 100 hourly simple moving average. Ether price traded as high as $1,281 and recently corrected gains.
There was a move below the $1,250 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,042 swing low to the $1,281 high.
Besides, there was a break below a key bullish trend line with support near $1,225 on the hourly chart of ETH/USD. The price is now trading above $1,200 and the 100 hourly simple moving average.
Immediate resistance on the upside is near the $1,225 level. The next major resistance is near the $1,250 zone. A clear move above the $1,250 resistance zone could start a steady increase.
In the stated case, the price could even surpass the $1,280 level. The next major resistance is near the $1,320 level. Any more gains could start a move towards the $1,440 resistance in the near term.
Fresh Decline in ETH?
If Ethereum fails to rise above the $1,250 resistance, it could start a fresh decline. Initial support on the downside is near the $1,200 zone and the 100 hourly simple moving average.
The next significant support is near the $1,115 zone. It is close to the 50% Fib retracement level of the upward move from the $1,042 swing low to the $1,281 high.
A close below the $1,150 level might start another decline. In the stated case, ether price may perhaps decline towards the $1,050 level. - newsbtc
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