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Ethereum started a decent wave of recovery above $1,180 against the US Dollar. ETH might start a fresh decline if it stays below the $1,250 resistance.

  • Ethereum struggled to accelerate its move above the $1,230 resistance level.
  • The price is now trading above $1,170 and the 100 hourly simple moving average.
  • A short-term bull flag is forming with resistance near $1,200 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh decline if there is no clear movement above $1,230 and $1,250.

Ethereum Price Faces Rejection

Ethereum price started a rally wave above the $1,150 resistance, similar to bitcoins. ETH even climbed above the $1,200 resistance and settled above the 100 hourly simple moving average.

However, there was no test of Resistance zone at $1,230. Ether price has traded as high as $1,215 and is currently correcting gains. There was a slight dip below the $1,200 level. It is now approaching the 23.6% Fib retracement level of the upward move from the $1,073 low to $1,215 high.

It is now trading above $1,170 and the 100 hourly simple moving average. A short-term bull flag is also forming with resistance near $1,200 on the hourly chart of ETH/USD. Immediate upside resistance is near the $1200 level and the channel trendline.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,230 level. The key breakout zone lies near the $1,250 level. To move into a positive zone, the price must settle above $1,250. In the indicated case, Ether price could possibly rise towards the $1,320 resistance zone. Any further gains could open the doors for a test of the $1,400 resistance zone.

New decline of ETH?

If Ethereum fails to break above the $1,230 resistance, it could start a fresh decline. An initial support on the downside is near the $1,170 level and the 100 hourly simple moving average.

The next major support is near the $1,150 level or the 50% Fib retracement level of the upward move from the $1,073 low to $1,215 low, below which Ether price could possibly take a bearish momentum. In the given scenario, the price might decline towards the $1,070 support zone.

Technical indicators

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

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

Major Support Level – $1,150

Major resistance level – $1,230



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