Ethereum started an upside correction against the USD from the $880 area. ETH is rising and trying to break the $1,150 resistance.
- Ethereum started an upside correction above the $1,000 resistance zone.
- The price is now above $1,000 and the 100 hourly simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), there is a short-term contracting triangle forming with resistance near $1,150.
- The pair is likely to start a steady rise if it breaks the major resistance zone at $1,150.
Ethereum price faces key hurdle
Ethereum got off to a decent start Move up From the $880 support area. ETH climbed above $950 and $1,000, entering short-term bullish territory.
The bulls pushed the price to the 50% Fib retracement level of the key decline from the $1,255 swing high to $880 low. Finally, the price broke above $1,100. However, Ether price is now facing significant resistance near $1,150 and $1,160.
The price is now trading above $1000, while 100 hourly simple moving average. It is also above the 23.6% Fib retracement level from the $880 swing low to $1,174 high.
Additionally, there is a short-term contracting triangle forming with resistance near $1,150 on the hourly chart of ETH/USD. Immediate resistance is near $1,150. The next major resistance is near $1,160. A break above the $1,160 resistance could start a steady upward move.
Source: ETHUSD on TradingView.com
The next major resistance is near $1,260. Any further gains could start a move towards the $1,350 resistance in the near term.
A fresh dip in ETH?
If Ethereum fails to break the $1,150 resistance, it could start a fresh decline. Initial support on the downside lies near the $1,100 area and the descending triangle trendline.
The next major support is near $1,030. It is near the 50% Fib retracement level from the $880 swing low to $1,174 high. More losses may require a move towards the $950 support area.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support – $1,030
Major Resistance – $1,150