ETH printed a bullish

ETH printed a bullish break but there’s still a chance that the coin will surge above $1200 as we can see in today’s Ethereum price news.

Ethereum started a fresh increase above the $1.050 level yesterday and it is now showing some positive signs with it being likely to continue higher above $1250 levels. ETH started a fresh upwards movement with the price now trading in the 100 hourly simple moving average and the $1100 level. There was a short break above the major bearish trend line with the resistance of $1110 on the hourly charts of the pair that will likely go higher if it settles above the $1135 resistance zone.

ethusd
Source ETHUSD on TradingView.com

After the downside correction, Ethereum was able to find a support base near $980 and as a result, ETH started a fresh increase and managed to shoot past $1.050 resistance levels. The price gained pace and climbed above the $1100 level with a break above the 76.4% Fib retracement of the downwards movement from the $1135 high to the $974 swing low.  What’s even more important is that there was a break above the major bearish trend line with the resistance getting near the $1110 on the hourly charts of the pair.

The price is now trading well above the $1110 and the 100 hourly simple moving average and the successful close above the $1120 resistance level that could accelerate the gains in the near-term. the next pit stop for the bulls could be nearing the $1175 zone and it is also close to the 1.236 Fib extension level of the move from the $1135 high to the $974 swing low. More gains could lead the asset towards the $1220 level in the near term.

eth chart
Chart of ETH’s price action over the past few weeks from TradingView.com. ETH is now up by over 100% in the past 10 days due to the capital rotation from BTC into the altcoin market.

As ETH printed a bullish break, the initial support on the downside is nearing the broken triangle trend line at the $1110 level. The downside break below the trend line support could lead the ETH price to the $1.080 support zone. More losses could call for an extended decline below the $1,050 level with the next major support being near the trend line of $1040. The hourly MACD for the pair is gaining pace in the bullish zone while the hourly RSI for the pair is well above the 50 level.

Source: dcforecasts.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here