Ethereum is moving higher above $1,220 against the US Dollar. ETH could rise further if there is a clear move above the $1,240 and $1,250 resistance levels.

Ethereum is attempting a fresh increase above the $1,200 and $1,220 resistance levels.
The price is now trading above $1,200 and the 100 hourly simple moving average.
There is a connecting bullish trend line forming with support near $1,200 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if there is a clear move above the $1,250 resistance.

Ethereum Price Starts Increase

Ethereum price remained well bid above the $1,200 level. ETH bull were active and defended heavy losses below the $1,180 level. The price started a decent increase above the $1,220 level, similar to bitcoin.

A low was formed near the $1,204 and the price climbed above the $1,220 level. The price even climbed above the $1,230 level and is currently showing a lot of positive signs. The price is now showing a lot of bullish signs above the $1,220 level.

Ether price is also trading above $1,200 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $1,200 on the hourly chart of ETH/USD. The pair seems to be consolidating above the 23.6% Fib retracement level of the recent wave from the $1,204 swing low to $1,233 high.

Source: ETHUSD on TradingView.com

An immediate resistance is near the $1,250 level. The next major resistance is near the $1,265 level. A close above the $1,265 resistance could start a decent upward move. In the stated case, the price may perhaps rise towards the $1,300 resistance. The next major resistance could be $1,350, above which the price might rise towards the $1,400 resistance zone.

Dips Supported in ETH?

If ethereum fails to climb above the $1,250 resistance, it could start another drop. An initial support on the downside is near the $1,220 level.

The next major support is near the $1,200 level. A downside break below $1,200 might send the price towards the $1,180 support. Any more losses might call for a test of the $1,100 zone.

Technical Indicators

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 Level – $1,200

Major Resistance Level – $1,250

Source: NewsBTC.com

The post Ethereum Price Gains Momentum, Why ETH Could Rise To $1,300 appeared first on Crypto Breaking News.

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Filed under: News - @ January 4, 2023 3:18 am