Ethereum climbed higher and tested the $1,275 resistance zone against the US Dollar. ETH is consolidating gains and might aim a fresh move above the $1,300 resistance.

Ethereum struggled to climb higher above the $1,275 and $1,280 resistance levels.
The price is now trading above $1,230 and the 100 hourly simple moving average.
There is a connecting bullish trend line forming with support near $1,230 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if the price stays above the $1,220 support zone.

Ethereum Price Remains Stable

Ethereum price started a decent increase above the $1,220 level. ETH gained pace and was able to clear the $1,240 resistance zone, similar to bitcoin.

The price even spiked above the $1,250 level and tested the $1,275 level. A high was formed near $1,271 and recently started a minor downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $1,204 swing low to $1,271 high.

Ether price is now trading above $1,230 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $1,230 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

An immediate resistance is near the $1,260 level. The next major resistance is near the $1,270 level. A clear move above the $1,270 resistance could a decent increase. In the stated case, the price may perhaps rise towards the $1,320 resistance. The next major resistance could be $1,350, above which the price could rise towards the $1,450 resistance zone.

Dips Supported in ETH?

If ethereum fails to clear the $1,260 resistance, it could correct further lower. An initial support on the downside is near the $1,240 level.

The next major support is near the $1,230 level and the trend line. It is near the 61.8% Fib retracement level of the upward move from the $1,204 swing low to $1,271 high. A downside break below the trend line support might send the price towards the $1,200 support. Any more losses might call for a test of the $1,180 zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now near the 50 level.

Major Support Level – $1,230

Major Resistance Level – $1,275

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Filed under: Bitcoin - @ January 6, 2023 2:45 am