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Ethereum found support near $1,070 and recovered above $1,150 against the US Dollar. ETH may rise further, but the bulls may encounter hurdles near $1,200 and $1,230.

  • Ethereum started an upward correction from the $1070 and $1080 support levels.
  • The price is now trading above $1,120 and the 100 hourly simple moving average.
  • There was a break above a major bearish trendline with resistance near $1,140 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further towards $1,200 or even $1,230 in the near term.

Ethereum price recovers

Ethereum price remained well bid near the latest low at $1,070, similar to bitcoins. ETH formed a base above the $1070 and $1080 levels before beginning an upward correction.

There was a decent wave of recovery above the $1120 and $1140 resistance levels. Ether price jumped above the 50% Fib retracement level of the key decline from the $1,232 high to $1,073 low. Additionally, there was a break above a major downtrend line with resistance near $1,140 on the hourly chart of ETH/USD.

The price is now trading above $1,120 and the 100 hour simple moving average. An immediate resistance on the upside is near the $1,170 level. It is near the 61.8% Fib retracement level of the key swing decline from the $1,232 swing low to $1,073 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,200 level. A clear break above the $1,200 resistance could send the price towards the $1,230 resistance zone. Any further gains could open the doors for a test of the $1,300 resistance zone.

New decline of ETH?

If Ethereum fails to break above the $1,200 resistance, it could start a fresh decline. An initial support on the downside is near the $1,150 level and the 100 hourly simple moving average.

The next major support is near the $1,120 level, below which the Ether price could possibly drop further. In the given scenario, the price might decline towards the $1,070 support zone in the near term. Any further losses may require a move towards the main $1000 support in the coming sessions.

Technical indicators

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

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

Major Support Level – $1,120

Major resistance level – $1,200



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