Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

Ethereum

Ethereum Price Analysis

Ethereum spiked above the $1,300 resistance zone against the US Dollar. ETH is correcting gains, but it remains supported near $1,250 and $1,230.

  • Ethereum gained pace for a move above $1,300 before the bears appeared.
  • The price is now trading above $1,250 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $1,280 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct further lower towards the $1,250 and $1,230 support levels.

Ethereum Price Eyes Another Increase

Ethereum price extended its increase above the $1,250 resistance zone. ETH even spiked above the $1,300 resistance zone and settled above the 100 hourly simple moving average, similar to bitcoin.

However, the bears were active abvoet the $1,300 resistance zone. Ether price traded as high as $1,309 before there was a downside correction. The price declined below the 23.6% Fib retracement level of the upward move from the $1,150 swing low to $1,309 high.

Besides, there was a break below a major bullish trend line with support near $1,280 on the hourly chart of ETH/USD. The pair is still trading above $1,250 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,290 level. The first major resistance is near the $1,300 level. A close above the $1,300 resistance might send the price further higher. The next major resistance is near the $1,350 level, above which ether price might test $1,400.

If the bulls remain in action above $1,400, the price could rise towards the $1,450 resistance zone. Any more gains might send the price towards the $1,500 resistance zone.

Dips Supported in ETH?

If ethereum fails to start another increase above the $1,300 resistance, it could start a downside correction. An initial support on the downside is near the $1,250 level and the 100 hourly simple moving average.

The next major support is near the $1,230 level or the 50% Fib retracement level of the upward move from the $1,150 swing low to $1,309 high. If there is a break below $1,230, the price could test the $1,180 support. Any more losses could lead the price towards the $1,150 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now just below the 50 level.

Major Support Level – $1,230

Major Resistance Level – $1,300

Featured

Bitcoin Mining

Despite a $72 million rescue offer from creditors, concerns have been raised about the general viability of the Bitcoin trading community amid a protracted...

Altcoin

Ripple is attempting an upside break above the $0.365 resistance zone against the US Dollar. XRP price could fail to gain pace if it...

Bitcoin

Bitcoin price is facing resistance near $17,000. BTC could start another decline unless there is a strong move above the $17,000 resistance zone. Bitcoin...

Ethereum

Ethereum started a fresh decline from the $1,320 resistance against the US Dollar. ETH is struggling and remains at a risk of a move...