Ethereum Price Relatively Muted, Bulls Still Aim Key Upside Break
Ethereum is consolidating below the $1,230 resistance against the US Dollar. ETH could start a steady increase if it clears the $1,230 and $1,250 resistance levels.
Ethereum is slowly moving higher from the $1,190 support zone.
The price is now trading above $1,210 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $1,215 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if there is a clear move above $1,230 and $1,250.
Ethereum Price Eyes Upside Break
Ethereum price remained well bid above the $1,180 and $1,190 levels. ETH formed a base above the $1,190 level and started an upward move.
There was a clear move above the $1,200 resistance zone and the 100 hourly simple moving average. Ether price climbed above the 50% Fib retracement level of the downward move from the $1,237 swing high to $1,193 swing low.
Besides, there was a break above a key bearish trend line with resistance near $1,215 on the hourly chart of ETH/USD. The pair is now consolidating near the 61.8% Fib retracement level of the downward move from the $1,237 swing high to $1,193 swing low.
An immediate resistance is near the $1,230 level. The next major resistance is near the $1,250 level. A clear upside break above the $1,250 resistance could start a steady increase. In the stated case, the price may perhaps rise towards the $1,300 resistance.
Source: ETHUSD on TradingView.com
The next major resistance could be $1,350. If there is an upside break above the $1,350 resistance, the price might rise towards $1,400. Any more gains might send the price towards the $1,500 resistance zone.
ETH Still In a Range?
If ethereum fails to climb above the $1,230 resistance, it could start another drop. An initial support on the downside is near the $1,215 level and the 100 hourly simple moving average.
The next major support is near the $1,200 level. The first major support is near the $1,190 level. A downside break below $1,190 might spark a move towards the $1,150 support. Any more losses could lead the price towards 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 – $1,190
Major Resistance Level – $1,230
Filed under: Bitcoin - @ December 26, 2022 4:02 am