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TA: Ethereum(ETH) Is Gearing For Another Lift Off- Recovery Isn’t Yet Completed

Ethereum(ETH) is showing positive signs above the $1,100 zone against the US Dollar. ETH could rise further above the $1,170 resistance zone.

  • Ethereum(ETH) has gained power for a move above$1,100 and $1,120 level.
  • Ethereum price is now trading over the level of  $1,120 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near  $1,120 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may continue to rise if there is a move over the $1,170 resistance zone.

Ethereum (ETH) Price Gets Support

Ethereum (ETH) is on the other attempt to clear the resistance levels of $1,165 and $1,170. However, bears were active near the $1,170 level.

The recent high was formed near the $1,169 level before a downside correction occurred. 

The price traded below the $1,150 and $1,130 support levels at the time of scripting. 

The price of Ethereum traded below the 50% Fib retracement level of the upward move from the $1,076 swing low to the $1,170 high.

Moreover, Ether is now trading over the level of $1,120 and the 100 hourly simple moving average. 

There is also a key bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD. 

Immediate resistance on the upside is near the $1,150 level.

Technical Indicators

Hourly MACD – The MACD for ETH (Ethereum) /USD is now gaining momentum in the bullish zone.

Major Support Level – $1,100

Major Resistance Level – $1,170

Hourly RSI – The RSI for ETH/USD is now well above the 50 levels.

Read More: Bitgert – Why Is It The Next Ethereum?



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