[vc_row full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1522216945055{background-color: #131722 !important;}”][vc_column css=”.vc_custom_1522217480829{padding-right: 0px !important;padding-left: 0px !important;}”][bsfp-cryptocurrency style=”widget-20″ align=”marquee” columns=”2″ coins=”selected” coins-count=”15″ coins-selected=”BTC,ETH,XRP,LTC,EOS,BCH,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”dark” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523173421731{margin-bottom: 5px !important;}”][/vc_column][/vc_row]

TA: Ethereum Gearing For Another Lift-Off: Recovery Isn’t Over Yet

0

Ethereum is showing positive signs above the $1,100 zone against the US Dollar. ETH could rise further above the $1,170 resistance zone.

  • Ethereum gained strength for a move above the $1,100 and $1,120 levels.
  • The price is now trading above $1,120 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if there is a move above the $1,170 resistance zone.

Ethereum Price Remains Supported

Ethereum made another attempt to clear the $1,165 and $1,170 resistance levels. However, the bears were active near the $1,170 level.

The recent high was formed near $1,169 before there was a downside correction. The price traded below the $1,150 and $1,130 support levels. Ether price traded below the 50% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high.

However, the bulls seem to be active near the $1,120 support zone. It also found support near the 61.8% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high.

Ether is now trading above $1,120 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,150 level.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,170 zone, above which the price may perhaps surpass the $1,200 resistance. In the stated case, the price could rise towards the $1,250 resistance. Any more gains might send the price towards the $1,320 zone.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,170 resistance, it could start another downside correction. An initial support on the downside is near the $1,120 zone.

The next major support is near the $1,100 zone and the 100 hourly simple moving average. A downside break below the $1,100 support may perhaps spark another decline. In this case, the price might drop towards the $1,070 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Major Support Level – $1,100

Major Resistance Level – $1,170

Leave A Reply

Your email address will not be published.