Credible Crypto Says $3,000 Is Only a Start for Ethereum, Sets $10,000 Price Target for ETH
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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.

Read Also: Analyst Sees Ethereum (ETH) Price above $1,000 by 2021 If Fee Proposal Is approved

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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.

Ethereum Holds above $1,150: Why ETH Is Setting Up For Major Uptrend and Could Outperform BTC

Source: ETHUSD on

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.

Read Also: Gemini’s Tyler Winklevoss Describes Ethereum Network as “Decentralized Amazon Cloud Computing”

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.

Read Also: Gemini’s Tyler Winklevoss Says ‘When in Doubt, Ethereum” As ETH Is Now 9% Away from ATH

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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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.