By Solomon Odunayo
Ethereum is currently holding major support near $1,150 against the USD. The price of ETH is consolidating and possibly setting up for a major uptrend above $1,250.
Ethereum (ETH) is facing a couple of major challenges near $1,245 and $1,250. There is a possibility for the price to remain well bid above $1,150 and near the 100 hourly simple moving average.
Also, a key contracting triangle is forming with support near $1,195 on the hourly chart of ETH/USD. The pair will possibly outperform Bitcoin (BTC) except there is a clear break below the $1,150 support level.
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Ethereum (ETH) Price Is Holding Key Support
Ethereum (ETH) has made two attempts to gain momentum above $1,250 and $1,280 in the past two to three sessions. ETH price was unable to maintain its stability above $1,250, formed a high near $1,270, and recently embarked on a fresh decline.
There was a break below the $1,225 and $1,220 support levels. The price of ETH even spiked below the $1,200 level and tested the 100 hourly simple moving average. A low is formed near $1,184 and it is currently consolidating near the $1,195 level.
Source: ETHUSD on TradingView.com
There seems to be a key contracting triangle forming with support near $1,195 on the hourly chart of ETH/USD. An initial resistance on the upside near the $1,225 level. It’s close to the 50% Fib retracement level of the recent drop from the $1,270 high to $1,184 low.
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The first major resistance is close to the $1,259 level. It overlaps with the 76.4% Fib retracement level of the recent price drop from the $1,270 high to $1,184 low. If the price of ETH breaks above the $1,250 resistance and the triangle upper trend line, there is a possibility for a strong increase.
The next major resistance is close to the $1,280 area. A close above this area will possibly give room for a huge upside trend above $1,300 and $1,350.
Ethereum (ETH) Chance of Decline
If Ethereum (ETH) faces a correction below the triangle trend line and $1,192, it could find strong support around the $1,150 level.
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But if ETH loses the $1,150 support level, a strong decline towards $1,100 is possible. However, Ethereum is still holding strongly above $1,150, while Bitcoin (BTC) keeps failing to maintain its stability above $36,000 support. At press time, ETH is trading at $1,222.72, with about a 3% price uptrend in the last 24 hours.
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