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Ethereum looks bullish and was even able to hold the important support at $1,150. ETH is currently rising and may even break the $1,250 resistance zone soon.
- Ethereum corrected lower but the bulls were active at $1,150.
- The price is now trading above $1,180 and the 100 hourly simple moving average.
- A key downside line is meeting resistance at $1,195 on the hourly chart of ETH/USD (data feed via Kraken).
- Ethereum could continue higher if ETH clears the $1,200 and $1,230 resistance levels.
Ethereum: The price is about to rise again
Ethereum started a downside correction from the $1,230 resistance. ETH fell below the $1,200 support zone and the 100 hourly simple moving average, similar to bitcoin.
However, the bulls were active near the $1,150 zone. A bottom was formed near $1,150. The result: the price began another rise.
This allowed Ethereum to clear the $1,165 and $1,180 resistance levels. The price moved well above the 23.6% Fib level of the recent decline from the $1,236 high to the $1,150 low.
Ethereum is now trading above $1,180 and the 100 hourly simple moving average. Immediate resistance on the downside stands at $1,195.
There is also a key downside line and resistance at $1,195 on the hourly chart of ETH/USD. The downtrend is near the 50% Fib level of the recent decline from the $1,236 high to the $1,150 low. The next key resistance is near the $1,230 level.
The main breakout zone is near the $1,250 level. To start a strong uptrend, the price must settle above the $1,250 resistance.
In the mentioned scenario, Ethereum could rise towards the $1,320 resistance zone. If ETH stays steady here or even trends up a bit, momentum could drive the price towards the $1,420 resistance zone.
Is Ethereum Crashing Again?
Ethereum is also on shaky ground right now: ETH needs to scale higher than the $1,230 resistance or face another drop. Initial support on the downside at $1,170 then comes in.
The next key support stands at $1,150. A break below $1,150 could lower the price even below $1,130. In the mentioned scenario, the price could retreat towards the $1,075 support area.
- MACD on hourly chart: The MACD for ETH/USD is now moving into bullish territory.
- RSI on hourly chart: The RSI for ETH/USD is now above the 50 level.
- Major support level: $1,150
- Key resistance level: $1,230
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Text credit: Newsbtc
Last updated on November 29, 2022
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