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Ethereum is holding a major support near $1,150 against the US Dollar. ETH price is consolidating and it is likely setting up for a major upside break above $1,250
- Ethereum is facing a couple of major hurdles near $1,245 and $1,250.
- The price is likely to remain well bid above $1,150 and near the 100 hourly simple moving average.
- There is a key contracting triangle forming with support near $1,195 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to outperform bitcoin unless there is a clear break below the $1,150 support zone.
Ethereum Price Holding Key Support
In the past 2-3 sessions, Ethereum made two attempts to gain strength above $1,250 and $1,280. ETH price failed to settle above $1,250, formed a high near $1,270, and recently started a fresh decline.
There was a break below the $1,225 and $1,220 support levels. Ether price even spiked below the $1,200 level and tested the 100 hourly simple moving average. A low is formed near $1,184 and it is currently consolidating near the $1,195 level.
It seems like there is a key contracting triangle forming with support near $1,195 on the hourly chart of ETH/USD. An initial resistance on the upside is near the $1,225 level. It is close to the 50% Fib retracement level of the recent decline from the $1,270 high to $1,184 low.
Source: ETHUSD on TradingView.com
The first major resistance is near the $1,250 level. It coincides with the 76.4% Fib retracement level of the recent decline from the $1,270 high to $1,184 low. If ether price breaks the $1,250 resistance and the triangle upper trend line, there are chances of a strong increase.
The next major resistance is near the $1,280 level. A close above $1,280 will most likely open the doors for a strong rally above $1,300 and $1,350.
Dips Supported in ETH?
If ethereum corrects lower below the triangle trend line and $1,192, it could find a strong support near the $1,150 level (a multi-touch zone).
A downside break and close below the $1,150 support level may possibly spark a strong decline towards $1,100. Having said that, ether is looking stable above $1,150, while bitcoin is showing bearish signs below $35,500 and $36,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is still below the 50 level.
Major Support Level – $1,150
Major Resistance Level – $1,250
