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Ethereum has corrected below the $1300 resistance zone. ETH fell below the $1280 support level. However, the bulls were active above $1,240 and the 100 hourly simple moving average, similar to BTC. At the moment, the ether exchange rate is very close to the $1300 mark.
ETH was trading at $1238 and recently started a new uptrend. Ethereum is above the $1275 and $1280 resistance levels. It broke the 76.4% Fibonacci retracement level of the down move from the $1296 swing high to $1238 low.
In addition, the hourly ETH/USD chart has broken above the main bearish trendline with resistance around $1280. The pair is currently trading above $1250 and the 100 hourly simple moving average.
Immediate resistance on the move up is near the $1310 level. The first major resistance is near the $1332 level. It sits near the 1.618 Fibonacci extension level of the down move from the $1296 swing high to $1238 low. A close above the $1,332 resistance level could see the rate rise further.
The next major resistance is near the $1350 level, above which the Ethereum price could test $1400. Any further advance could send the course towards the $1500 resistance zone.
If Ethereum fails to start a new rally above the $1300 resistance, it could start a downward correction. Initial support on the downside is near the $1280 level and the broken trendline.
The next major support is near the $1265 level or the 100 hourly simple moving average. If there is a break below $1265, the price could test support at $1240. Any new losses could bring ETH to the $1200 support.
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