Ethereum Continues Trading Sideways – Brace for a Breakout
Ethereum is stabilizing losses versus the US dollar above the $1,200 support level. ETH might steadily rise if there is a decisive move above the $1,300 barrier.
Like BITCOIN, the price of ETHEREUM fell from the $1,300 resistance zone but remained solidly supported near $1,200. ETH has created a base and recently began a new rise above $1,210.
Above $1,220, there has been a steady rise. The price broke through the 23.6% Fib retracement level of the decline from the $1,290 swing high to the $1,184 low. However, the price of ether is seeing resistance near the $1,240 mark.
It currently trades below $1,240 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a key negative trend line is forming with resistance near $1,240.
The trend line is close to the 50% Fib retracement level of the decline from the swing high of $1,290 to the low of $1,184. On the upside, an immediate barrier is near the $1,240 level. The next major resistance is around $1,250.
Ethereum (ETH/USD) Technical Outlook
A convincing break above the $1,250 resistance level might push the price up to the $1,300 barrier level. If the bulls maintain their position and the price settles beyond $1,300, the price may begin a sustained rise toward the $1,400 mark in the following sessions.
If Ethereum fails to break through the $1,250 barrier, it may fall further. On the downside, an early support level is near $1,200.
The next key support is near the $1,170 mark, below which the ether price may begin to fall. In the situation above, the price could fall in the near term to the $1,100 support zone. The next big support is located near $1,000.
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