BTC / USD
50,942.85
1.09%
(-561.37)
ETH / USD
2,902.57
0.93%
(-27.13)
XRP / USD
0.54
3.04%
(-0.02)
LTC / USD
67.81
1.69%
(-1.16)
EOS / USD
0.74
4.56%
(-0.04)
BCH / USD
256.83
1.5%
(-3.9)
ADA / USD
0.58
4.08%
(-0.02)
XLM / USD
0.11
3.58%
(-0)
NEO / USD
12.00
3.53%
(-0.44)
XEM / USD
0.04
3.43%
(-0)
DASH / USD
28.45
2.87%
(-0.84)
USDT / USD
1.00
0.02%
(0)
BNB / USD
367.13
4.69%
(+16.44)
QTUM / USD
3.21
2.19%
(-0.07)
XVG / USD
0.00
4.03%
(-0)
ONT / USD
0.25
2.83%
(-0.01)
ZEC / USD
23.67
2.7%
(-0.66)
STEEM / USD
0.24
0.4%
(-0)

A Strengthening Case for Upside

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

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

Major Support Level – $1,230

Major Resistance Level – $1,300

Featured Image by iStock
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