Ethereum price is recovering above $1,100 against the US Dollar. ETH/USD could rise further unless it breaks the $1,000 support zone.
Ethereum Price Analysis
This past week, ethereum saw a rejection near the $1,280 resistance against the US Dollar. ETH price started a fresh decline below the $1,100 level and moved into a bearish zone.
There was a move below the $1,050 level, but the bulls were active near the $1,000 zone. A base is formed near $1,000 and the price is now rising. There was a break above the 23.6% Fib retracement level of the main decline from the $1,921 swing high to $880 low.
Besides, there was a break above a key bearish trend line with resistance near $1,060 on the 4-hours chart. The price is now trading above $1,120 and the 55 simple moving average (4-hours).
However, the bears seem to be active near the $1,160 resistance zone. An immediate resistance is near the $1,160 level. The next major resistance is near the $1,250 zone or $1,280, above which the price could rise towards the 50% Fib retracement level of the main decline from the $1,921 swing high to $880 low.
Any more gains could even send the price above the $1,420 resistance zone. On the downside, an initial support is near the $1,100 level. The next major support is now near the $1,000 level. A break below the $1,000 support could push the price to $920. Any more losses could lead the price towards $880 or even $800.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading above the $1,100 zone and the 55 simple moving average (4-hours). Overall, ether price could rise steadily towards the $1,280 resistance level or even $1,420.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $1,100, followed by the $1,000 zone.
Key Resistance$ Levels – $1,280 and $1,300.
Source: Read Full Article