Ethereum bulls defended the $1,220 support zone against the US Dollar. ETH is rising and could point to a strong bullish wave above the $1300 resistance zone.
- Ethereum remained well-bid and strong above the $1,220 zone.
- The price is now trading above $1,250 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance near $1,245 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is showing positive signs and could point to a bullish break above the $1300 resistance.
Ethereum price remains stable
Ethereum price extended its decline below the $1250 level. ETH even moved below the $1,240 support level and the 100 hourly simple moving average, similar to bitcoins.
However, the bulls were active near the $1220 support zone. They defended more losses and slowly the price of ether rose. There was a move above the $1240 and $1250 levels. There was a break above the 50% Fib retracement level of the key dip from the $1,304 high to $1,220 low.
Additionally, there was a break above a major downtrend line with resistance near $1,245 on the hourly chart of ETH/USD. The pair is now trading above $1,250 and the 100 hour simple moving average.
It is consolidating near the 76.4% Fibonacci retracement level of the key drop from the $1,304 high to $1,220 low. An immediate resistance to the upside is near the $1290 level. The first major resistance is near the $1,300 area.
Font: ETHUSD on TradingView.com
A close above the $1300 resistance could start a new rally. The next major resistance is near the $1,320 level, above which the ether price could gain bullish momentum to move to $1,400. More gains could send the price towards the $1,450 resistance zone.
New drop in ETH?
If ethereum fails to break above the $1,300 resistance, another slide could begin. An initial support on the downside is near the $1,260 level and the 100 hourly simple moving average.
The next big support is near the $1,220 level. If there is a break and close below $1,220, the price could drop towards the $1,200 support. Further losses could push the price towards the $1,165 support.
technical indicators
MACD per hour – The MACD for ETH/USD is now gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now correcting from the overbought zone.
Major Support Level: $1,220
Highest Resistance Level: $1,300
