Ethereum (ETH) Price in the Decisive Phase! May Not Reach $1250, if it Fails to Hold Here!
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Much like Bitcoin, the price of Ethereum also recovered from the local low around $1150. The price rose above $1,200 and managed to hold above the 100-day MA. However, the price failed to test the crucial resistance area near $1250 and at the moment to repair the gains as a significant drop below $1200 is witnessed.
Currently, the price of ETH is trading around $1180 and above the 100-day MA levels on the daily chart. In addition, a small rising flag has formed, with targets around $1200 in case of a break on the hourly chart. Once the price rises above $1200, it can push the price above the $1230 level.
The next major resistance is around the $1240 level, which could trigger a rally above $1250 going forward. To sustain the uptrend, ETH price needs to break above these levels and head towards $1300. Moreover, with the crossing of the $1,320 resistance area, the doors to $1,400 can open in no time.
Conversely, if Ethereum(ETH) fails to hold above the $1,240 resistance, another decline could be triggered, which could drag the price down to $1,170, closer to the 100-day MA. Furthermore, the next major support is around the $1150 level, otherwise a drop near $1070 or below could be possible.
- The hourly MACD is trying to gain momentum, but remains in the bearish zone
- The hourly relative strength index is currently below 50
- The maximum level of resistance is 1240 dollars
- The maximum support level is $1150
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