Ethereum is consolidating below the $1,230 resistance against the US Dollar. ETH could start a steady increase if it clears the $1,230 and $1,250 resistance levels.
- Ethereum is slowly moving higher from the $1,190 support zone.
- The price is now trading above $1,210 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $1,215 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if there is a clear move above $1,230 and $1,250.
Ethereum Price Eyes Upside Break
Ethereum price remained well bid above the $1,180 and $1,190 levels. ETH formed a base above the $1,190 level and started an upward move.
There was a clear move above the $1,200 resistance zone and the 100 hourly simple moving average. Ether price climbed above the 50% Fib retracement level of the downward move from the $1,237 swing high to $1,193 swing low.An immediate resistance is near the $1,230 level. The next major resistance is near the $1,250 level. A clear upside break above the $1,250 resistance could start a steady increase. In the stated case, the price may perhaps rise towards the $1,300 resistance.
ETH Still In a Range?
If ethereum fails to climb above the $1,230 resistance, it could start another drop. An initial support on the downside is near the $1,215 level and the 100 hourly simple moving average.Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,190 Major Resistance Level – $1,230