BTC / USD
16,984.66
0.36%
(-61.06)
ETH / USD
1,255.92
0.3%
(-3.8)
XRP / USD
0.39
1.25%
(-0)
LTC / USD
79.45
1.72%
(-1.39)
EOS / USD
0.96
2.59%
(+0.02)
BCH / USD
111.20
1.58%
(-1.79)
ADA / USD
0.32
1.25%
(-0)
XLM / USD
0.09
1.56%
(-0)
NEO / USD
7.11
2.82%
(+0.19)
XEM / USD
0.03
0.3%
(-0)
DASH / USD
46.04
1.75%
(-0.82)
USDT / USD
1.00
0%
(0)
BNB / USD
288.34
0.27%
(-0.77)
QTUM / USD
2.20
0.05%
(0)
XVG / USD
0.00
0.67%
(-0)
ONT / USD
0.19
0.59%
(-0)
ZEC / USD
45.46
0.57%
(-0.26)
STEEM / USD
0.18
1.41%
(-0)

Here’s Why Bulls Are Comfortable

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Ethereum started a consolidation phase above the $1,300 level against the US Dollar. ETH could start a fresh increase if there is a clear move above $1,350.

  • Ethereum recovered above $1,300 and started a consolidation phase.
  • The price is now trading above $1,310 and the 100 hourly simple moving average.
  • There is a key declining channel forming with resistance near $1,340 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if there is a clear move above the $1,350 resistance zone.

Ethereum Price Eyes Upside Break

Ethereum started a steady recovery wave above the $1,300 resistance zone. The bulls were active above the $1,300 level and ETH settled into a short-term positive zone.

There was a clear move above the 50% Fib retracement level of the key decline from the $1,400 swing high to $1,252 low. Ether price even spiked above the $1,340 resistance, but upsides were limited. It is now trading above $1,310 and the 100 hourly simple moving average.

There is also a key declining channel forming with resistance near $1,340 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,340 and $1,350 levels.

The next major resistance is near $1,364 level. It is near the 76.4% Fib retracement level of the key decline from the $1,400 swing high to $1,252 low. A clear break above $1,364 might start a decent increase towards the $1,400 level.

Source: ETHUSD on TradingView.com

Any more gains may perhaps open the doors for a move towards the $1,450 resistance zone, above which the price could surge to $1,500.

Fresh Decline in ETH?

If ethereum fails to climb above the $1,340 resistance, it could start a fresh decline. An initial support on the downside is near the $1,310 level.

The next major support is near the $1,290 level and the channel lower trend line. A downside break below the $1,290 level might send the price towards the $1,265 support in the near term.  Any more losses could increase selling and the price might drop to $1,250 or even towards $1,220.

Technical Indicators

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

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

Major Support Level – $1,290

Major Resistance Level – $1,350

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