By Solomon Odunayo
Ethereum (ETH) retraced and tested the $1,250 support zone against the USD. The price of ETH is consolidating above $1,280. The second-largest cryptocurrency by market cap looks ready for a fresh rally in the near term.
Ethereum (ETH) Price Is Maintaining Key Support
About 24 hours ago, there was a downside correction in Ethereum below the $1,350 and $1,300 support levels. The price of the digital currency even dropped below the $1,280 support level and the 100 hourly simple moving average.
Read Also: Gemini’s Cameron Winklevoss States What Will Impact Ethereum (ETH) Price in the Future
ETH tested the $1,250 support area but recovered quickly and steadily above $1,300. There was a break above the $1,350 resistance and a close above the 100 hourly simple moving average. However, ether price failed to surpass the $1,400 resistance zone.
Source: ETHUSD on TradingView.com
A high was formed near $1,388 and the price is currently correcting lower. It is testing the 50% Fib retracement level of the upward wave from the $1,251 swing low to $1,388 high. There is also a crucial contracting triangle forming with support near $1,275 on the hourly chart of ETH/USD.
The triangle support is close to the 76.4% Fib retracement level of the upward wave from the $1,251 swing low to $1,388 high. On the upside, the triangle resistance is near the $1,360 and $1,365 levels.
The main resistance is near the $1,385 and $1,400 levels. A successful close above the $1,400 resistance could open the doors for a fresh surge towards the $1,450 and $1,480 levels.
Read Also: When $400 Was Support for Ethereum (ETH) It Bounced 2x to Hit $800 –The Crypto Dog
Dips Supported in Ethereum (ETH)?
If Ethereum (ETH) struggles to remain stable above $1,300, it could correct further. Initial support on the downside is near the $1,280 level and the triangle trend line.
The main support is now forming near the $1,250 level. If ETH fails to stay above the $1,250 support, it could drop further towards the $1,180 and $1,165 support levels.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently close to the 50 level.
Major Support Level – $1,280
Major Resistance Level – $1,380
HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.