ETH/USD is slowly gaining ground above the $1,120 area. ETH is likely to rally if there is a clear break above the $1,165 resistance.
- Ethereum faces resistance near $1,165 and $1,190.
- The price is now above $1,120 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to gain bullish momentum if there is a clear break above the $1,165 resistance.
Ethereum price eyes upside breakout
Ethereum started Downside correction Below the $1,120 level. ETH even fell below $1,080, but the bulls are active near the $1,050 support area.
The price traded as low as $1,048 and recently started a fresh rise. Ether price was able to surpass the $1,100 level. The move from the $1,192 swing high to $1,048 low is below the 50% Fib retracement level.
Additionally, there was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD.The pair is now trading above $1,120, while 100 hourly simple moving average.
Immediate resistance on the upside is near $1,165. It is near the 76.4% Fib retracement level from the $1,192 swing high to $1,048 low. The next major resistance is near $1,190. A break above the $1,190 resistance could start a steady rise.
Source: ETHUSD on TradingView.com
The next major resistance is near $1,250. Any further gains could start a move towards the $1,320 resistance in the near term.
A fresh dip in ETH?
If Ethereum fails to break the $1,165 resistance, it could start a fresh decline. Initial support on the downside is near $1,120.
The next major support is near the $1,100 area and the 100 hourly simple moving average. A close below $1,100 could start another decline. In the above-mentioned scenario, Ether price could drop towards the $1,050 level. More losses may require a move towards the $1,000 support.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support – $1,100
Major Resistance – $1,165