Close

Ethereum (ETH) Price in the Decisive Phase! May Not Reach $1250, if it Fails to Hold Here!

Avatar
coinxhigh
Ethereum (ETH) Price in the Decisive Phase! May Not Reach 50, if it Fails to Hold Here!

Much similar to Bitcoin, the Ethereum price also staged a notable recovery from the local lows of around $1150. The price climbed high beyond $1200 and managed to sustain above 100-day MA. However, the price failed to test the crucial resistance area close to $1250 and presently correcting the gains as a major decline below $1200 is witnessed. 

Presently, the ETH price is trading around $1180 and above the 100-day MA levels in the daily chart. Also, a minor bullish flag has formed with the targets around $1200 in case of a breakout in the hourly chart. Once the price rises above $1200, then it may uplift the price beyond the resistance around $1230 levels. 

Ethereum (ETH) Price in the Decisive Phase! May Not Reach 50, if it Fails to Hold Here!

The next major resistance is around the $1240 level, which may trigger the price rise beyond $1250 ahead. In order to sustain a bullish trend, the ETH price is required to surpass these levels and head towards $1300. Moreover, with a jump beyond the $1320 resistance area, the doors for $1400 may be open in no time. 

Conversely, if Ethereum(ETH) fails to sustain above the $1240 resistance, a fresh decline may kick in that could drag the price lower to $1170, closer to the 100-day MA levels. Furthermore, the next major support is around $1150 levels, failing which a drop close to $1070 or lower may be possible. 

Key Points:

  • The hourly MACD is trying to gain momentum but still continues to remain within the bearish zone
  • The hourly RSI is currently below 50 
  • The Major Resistance level is at $1240
  • The major support level is at $1150

Source – Coinpedia.org/

Written by: Sahana Vibhute

 

All about cryptocurrency and Blockchain

 

Trending Searches

crypto news | cryptocurrency news | crypto news today | cryptocurrency news today | Latest cryptocurrencies | crypto market news | Latest crypto news | cryptocurrency latest news | crypto update 

scroll to top