Ethereum is trading in a range below $1,250 against the US Dollar. ETH could continue to move down below if it stays below the $1,220 resistance.
- Ethereum is still trading in a range below the $1,200 and $1,220 resistance levels.
- The price is now trading below $1,200 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,195 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at a risk of a fresh decline if it stays below the $1,120 level or even $1,250.
Ethereum Price Still In Range
Ethereum price attempted an upside break above the $1,210 zone. ETH faced resistance below $1,220 and remained in a bearish zone, similar to bitcoin.
A high was formed near $1,205 and there was a bearish reaction. The price traded as low as $1,192 and remained in a range. The price is now moving higher above $1,195. The price climbed above the 23.6% Fib retracement level of the recent decline from the $1,205 swing high to $1,192 low.
Ether price is now trading below $1,200 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,195 on the hourly chart of ETH/USD.
An immediate resistance is near the $1,200 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the recent decline from the $1,205 swing high to $1,192 low.
The next major resistance is near the $1,210 level. The first major resistance is near $1,220. A close above the $1,220 resistance could start a decent upward move. In the stated case, the price may perhaps rise towards the $1,250 resistance. The next major resistance could be $1,270, above which the price might rise towards the $1,300 resistance zone.
Fresh Decline in ETH?
If ethereum fails to climb above the $1,210 resistance, it could start another drop. An initial support on the downside is near the $1,195 level and the trend line.
The next major support is near the $1,185 level. A downside break below $1,185 might send the price towards the $1,150 support. Any more losses might call for a test of the $1,120 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support Level – $1,185
Major Resistance Level – $1,210
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