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.
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.
- 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
Written by: Sahana Vibhute