ETH steadies at $1150 which is a major support level against the US Dollar and its price is consolidating at that pace which looks possible to outperform BTC so let’s read more in today’s Ethereum news.
Ethereum is facing a couple of hurdles near the $1245 level and the $1250 levels with the price being able to remain bid above these levels and the 100 hourly simple moving averages. There’s a contracting triangle forming with the support at $1195 on the hourly charts of the pair with chances of outperforming BTC unless there’s a clear break below the $1150 support zone.
Over the past 2-3 sessions, ETH made two attempts of gaining some strength above the $1280 level but failed to settle here and started a fresh decline. There was a break below the $1225 and $1220 support levels with the price even spiking below the $1200 level and tested the 100 hourly simple moving average. Another low was formed near the $1184 level and it is currently consolidating close to the $1195 level.
It seems that there’s a key contracting triangle forming with the support of $1195 on the hourly charts of the pair with an initial resistance on the upside at the $1225 level. It is close to the 50% fib retracement level from the drop at $1270 high to $1184 low. The first major resistance is getting close to the $1250 level and coincides with the 76.4% fib retracement level from the drop at $1270 high to the $1184 low. If the price breaks past the $1250 resistance and the triangle upper trend line, there will be more chances of strong increases. The next major resistance will be set at the $1280 level so a close above this could open the doors for a new rally.
If ETH does correct lower below this triangle line, it could find support close to the $1150 level. A downside break and a close below the $1150 support level could spark a strong decline to the $1100 level. ETH steadies at this level while Bitcoin is showing some bearish signs below $36,000. The hourly MACD for the pair is gaining pace in the bearish zone while the hourly RSI for the pair is still below the 50 level. Major support levels include $1150 and $1250.
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