Why does ETH continue to appreciate during market declines?
Ethereum gained bullish weather above the $ 1,150 resistance against the US dollar. The price of ETH broke the $ 1,200 resistance, but struggled to beat the $ 1,250 level.
- Ethereum started a steady increase above resistance levels of $ 1,150 and $ 1,200.
- The price is facing resistance near the $ 1,250 level, but it is above the 100-hour simple moving average.
- There is a large bullish trend forming with support close to $ 1,200 on the ETH / USD hourly chart (via Kraken).
- The pair may correct the low, but the previous resistance near $ 1,150 may work as a strong support.
ETH in green
There was a sharp increase for bitcoin and Ethereum above $ 38,500 and $ 1,150, respectively. The price of ETH gained a high after breaking the $ 1,150 resistance and the simple 100-hour moving average.
The price further broke the resistance levels of $ 1,200 and $ 1,220. However, the bears were active close to the $ 1,250 level. The bulls made two attempts to clear the $ 1,250 zone, but failed. The recent high was close to $ 1,252 and the price is consolidating gains.
It has already tested the Fib retracement level of 23.6% from the recent increase from $ 983 on the swing low to $ 1,252 on the high. On the negative side, there is a large bullish trend forming with support close to $ 1,200 on the hourly ETH / USD chart.
A break below the trendline support could drive the price into the $ 1,150 support zone. On the positive side, the $ 1,250 level is a great escape zone. A clear break above the $ 1,250 level could open the door to a steady increase in the coming sessions. The next key resistance is close to the $ 1,300 and $ 1,320 levels.
If the ethereum corrects the low below the trend line and $ 1,200, it could find strong support near $ 1,150 and the 100-hour simple moving average.
The next big support is $ 1,120. It is close to the 50% Fib retracement level of the recent surge from $ 983 on the swing low to $ 1,252 on the high. Any additional losses may require a further decline towards the $ 1,050 support level in the short term.
- Hourly MACD – The ETH / USD MACD is slowly losing pace in the bullish zone.
- Hourly RSI – The RSI for ETH / USD is moving downward towards the level 55.
- Main support level – $ 1,150
- Main resistance level – $ 1,250