Ethereum climbed higher and tested the $1,275 resistance zone against the US Dollar. ETH is consolidating gains and might aim a fresh move above the $1,300 resistance.
- Ethereum struggled to climb higher above the $1,275 and $1,280 resistance levels.
- The price is now trading above $1,230 and the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support near $1,230 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if the price stays above the $1,220 support zone.
Ethereum Price Remains Stable
Ethereum price started a decent increase above the $1,220 level. ETH gained pace and was able to clear the $1,240 resistance zone, similar to bitcoin.
The price even spiked above the $1,250 level and tested the $1,275 level. A high was formed near $1,271 and recently started a minor downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $1,204 swing low to $1,271 high.
Ether price is now trading above $1,230 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $1,230 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An immediate resistance is near the $1,260 level. The next major resistance is near the $1,270 level. A clear move above the $1,270 resistance could a decent increase. In the stated case, the price may perhaps rise towards the $1,320 resistance. The next major resistance could be $1,350, above which the price could rise towards the $1,450 resistance zone.
Dips Supported in ETH?
If ethereum fails to clear the $1,260 resistance, it could correct further lower. An initial support on the downside is near the $1,240 level.
The next major support is near the $1,230 level and the trend line. It is near the 61.8% Fib retracement level of the upward move from the $1,204 swing low to $1,271 high. A downside break below the trend line support might send the price towards the $1,200 support. Any more losses might call for a test of the $1,180 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support Level – $1,230
Major Resistance Level – $1,275
Aayush Jindal
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
PlayStation®5 console (slim)
$499.99 (as of November 20, 2024 18:57 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
HP G2 RGB Gaming PC Desktop – Intel i5 6th Gen Processor, 16GB DDR4 Ram, 512GB SSD, AMD Radeon RX 550 DDR5, New 24 Inch Monitor, Windows 10 Pro – Computer Tower for PC Gamer (Renewed)
$345.56 (as of November 19, 2024 18:55 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Crocs Unisex Adult Classic Clog
$37.50 (as of November 20, 2024 19:20 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Beef Tallow For Skin - Whipped Tallow Balm with Organic Jojoba Oil (Orange Vanilla), Grass Fed Beef Tallow Face Moisturizer for Eczema, Baby, Lip Balm - Lotion For Extremely Dry Skin
$29.99 (as of November 20, 2024 18:57 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
