ETH could climb above $1320 after it ends the consolidation period that was imposed at the $1200 level. Ethereum extended its rise above the $1150 level against the US dollar and the price is now consolidating the gains so let’s read more in today’s Ethereum news.
The price is trading above $1200 and the 100 hourly simple moving average with a key rising channel forming the support near the $1180 on the hourly chart of the pair. The pair will most likely continue higher if it remains above $1180 and the $1150 level. After forming the support base above $1100, ETH started a fresh increase with the price breaking the $1200 and $1150 resistance levels to move further into the positive zone. ETH could climb above the $1320 soon if it manages to go past these zones.
There was also a break above the $1200 level and a close above the 100 hourly simple moving average. The ETH price traded to a new multi-month high close to the $1230 level and it is now consolidating the gains. The initial support on the downside is also near the $1200 level. The pair is close to the 23.6% fib retracement level from the upward move at the $1109 swing low to the $1230 high. There’s also a key rising channel forming with the support near the $1180 on the hourly charts of the pair. The channel support is close to the $50% fib retracement level from the upwards movement at the $1109 swing low to the $1230 high. On the upside, the $1230 level is a minor resistance but a clear break above the $1230 level could open the doors for a bigger increase.
In the stated case, the price could drift above the $1250 level with a new key stop above $1300 could lead the coin above this level in the near-term. If ETH fails to clear the $1230 resistance level, it could start a short-term downside correction with initial support on the downside nearing the channel support of $1180. The downside break below the channel support trend line could lead the ETH price towards the $1125 support zone with more losses calling for a test of the 100 hourly SMA at $1035 after the consolidation period ends. The hourly MACD for the pair is losing pace in the bullish zone while the hourly RSI for the pair is well above the 60 levels.
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