[ccpw id="5"]

HomeCoinsEthereum Price Consolidates Below $1,250: What Could Trigger A Fresh Rally?

Ethereum Price Consolidates Below $1,250: What Could Trigger A Fresh Rally?

-

Ethereum is facing resistance above $1,250 against the US Dollar. ETH could gain bullish momentum if it clears the $1,230 and $1,250 resistance levels.

Ethereum attempted a recovery wave and climbed above the $1,200 level.
The price is now trading above $1,200 and the 100 hourly simple moving average.
There is a key contracting triangle forming with resistance near $1,220 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could a steady increase if there is a clear move above $1,230 and $1,250.

Ethereum Price Eyes Upsides Break
Ethereum price started an upside correction from the $1,150 support zone. ETH was able to climb above the $1,180 and $1,200 levels.
There was a close above the $1,200 level and the 100 hourly simple moving average. Ether price even tested the $1,230 resistance zone. It is now consolidating below the $1,230 level, similar to bitcoin. There was a minor decline below the $1,220 level.
The price declined below 23.6% Fib retracement level of the upward move from the $1,150 swing low to $1,230 high. Ether is now trading above $1,200 and the 100 hourly simple moving average.
An immediate resistance is near the $1,220 level. There is also a key contracting triangle forming with resistance near $1,220 on the hourly chart of ETH/USD. The first major resistance is near the $1,230 level. A clear upside break above the $1,230 resistance could send the price towards the $1,250 resistance.

Source: ETHUSD on TradingView.com
To start a steady increase, the price must settle above the $1,230 and $1,250 levels. The next major resistance could be $1,300. If the bulls clear the $1,300 resistance, the price might rise towards $1,345. Any more gains might send the price towards the $1,400 resistance zone.
Fresh Decrease in ETH?
If ethereum fails to climb above the $1,230 resistance, it could start another drop. An initial support on the downside is near the $1,200 level and the 100 hourly simple moving average.
The next major support is near the $1,190 level. It is close to the 50% Fib retracement level of the upward move from the $1,150 swing low to $1,230 high. A downside break below $1,190 might spark a move towards the $1,150 support. Any more losses could lead the price towards the $1,065 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,190
Major Resistance Level – $1,230

LATEST POSTS

Dogecoin: Can Elon Musk’s McDonald’s Offer Give DOGE A ‘Happy’ Price?

Dogecoin, the original memecoin, is currently showing a solid performance, retesting its current resistance which is at $0.09370. According to Coinhecko, the token is still...

Litecoin Price Prediction: Bullish Break To $120 Still In Sight

Litecoin price extended its increase above the $90 zone against the US Dollar. LTC is rising and might attempt a fresh rally above the $100...

Fantom (FTM) Gains 39% In 7 Days Following Its Integration With Axelar Network

Fantom (FTM) has been one of the best-performing tokens of 2023, pulling off a series of impressive gains in the last few weeks. Following the...

Shiba Inu Observes Highest Rise In Burn Rate – Is This Normal?

SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. However, data...

Follow us

Most Popular