Ethereum (ETH) Price Analysis: Which Levels Matter?
Ethereum rose as high as $ 1,280, the month’s high, before correcting against the US Dollar. ETH price dropped above $ 200. However, the bulls were active near the 100 hour simple moving average. According to the technical analysis of NewsBTC’s Aayush Jindal:
- Ethereum climbed above $ 1,200 and formed a new year’s high near $ 1,280.
- The price corrects gains, but is trading well above the $ 1,100 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $ 1,225 on the hourly chart of ETH / USD ( data from Kraken ).
- The pair will likely continue to rise as long as it is above the $ 1,100 level and the 100 hourly SMA.
Ethereum (ETH) Price Goes A Hard Correction
There was a strong upward movement in Ethereum yesterday above $ 1,200. ETH price even climbed above the $ 1,250 level and formed a new-month high around $ 1,280.
There was a sharp downside correction below the $ 1,200 level. ETH price dropped more than $ 200, falling below the $ 1,100 level. There was also a break below a major bullish trend line with support near $ 1,225 on the hourly chart of ETH / USD.
However, the bulls remained active near the 100 hourly simple moving average. There was a decline around $ 1,065. Later, it broke the $ 1,100 level and began trading above the 100 hourly SMA.
Ethereum climbed above the 23.6% Fib retracement level in the recent hard correction from the $ 1,279 high to the $ 1,065 level. It is currently facing hurdles near the $ 1,175 and $ 1,180 levels (a key breakout zone).
The 50% Fib retracement level of the downside correction from $ 1,279 to $ 1,065 also serves as a resistance for the bulls. If there is a clear break above $ 1,180 and the price reaches $ 1,200, a new increase could begin towards the $ 1,280 and $ 1,300 levels.
Will Ethereum (ETH) Fall?
If Ethereum fails to clear the $ 1,180 and $ 1,200 resistance levels, it could initiate another downside correction. Initial support on the downside is near the $ 1,135 level.
The main support is currently forming near the $ 1,100 level and the 100 hourly SMA. If there is a close below the 100 hourly SMA, the price could drop substantially towards the $ 1,000 support level.
Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH / USD is currently recovering towards the 45 level.
Major Support Level: $ 1,100
Major Resistance Level – $ 1,200