Ethereum Price Scores Bullish Moves, Can ETH Sustain This Recovery?

Read full article at newsbtc.

Ethereum found support near $1,070 and recovered above $1,150 against the US Dollar. ETH could rise further, but upsides might face hurdles near $1,200 and $1,230.

  • Ethereum started an upside correction from the $1,070 and $1,080 support levels.
  • The price is now trading above $1,120 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $1,140 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further towards $1,200 or even $1,230 in the near term.

Ethereum Price Recovers

Ethereum price remained well bid near the last swing low at $1,070, similar to bitcoin. ETH formed a base above the $1,070 and $1,080 levels before it started an upside correction.

There was a decent recovery wave above the $1,120 and $1,140 resistance levels. Ether price jumped above the 50% Fib retracement level of the key drop from the $1,232 swing high to $1,073 low. Besides, there was a break above a major bearish trend line with resistance near $1,140 on the hourly chart of ETH/USD.

The price is now trading above $1,120 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,170 level. It is close to the 61.8% Fib retracement level of the key drop from the $1,232 swing high to $1,073 low.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,200 level. A clear break above the $1,200 resistance could send the price towards the $1,230 resistance zone. Any more gains might open the doors for a test of the $1,300 resistance zone.

Fresh Decline in ETH?

If ethereum fails to climb above the $1,200 resistance, it could start another decline. An initial support on the downside is near the $1,150 level and the 100 hourly simple moving average.

The next major support is near the $1,120 level, below which ether price may perhaps decline further. In the stated scenario, the price could decline towards the $1,070 support zone in the near term. Any more losses might call for a move towards the main $1,000 support in the coming sessions.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,120

Major Resistance Level – $1,200

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency