08 Jan Ethereum Price Technical Analysis – ETH/USD To Break $1200
- ETH price is gaining solid bullish momentum and it recently broke the $1150 level against the US Dollar.
- There was a break above a crucial resistance trend line at $1100 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair might extend the recent gains and it could even break above the $1200 level soon.
Ethereum price is surging higher against the US Dollar and Bitcoin. ETH/USD could accelerate further and move past the $1200 level.
Ethereum Price Bullish Trend
There were non-stop gains in ETH price above the $1000 level against the US Dollar. The price gained solid bullish momentum and was able to move above the $1100 and $1150 resistance levels. A new high was formed recently at $1176.46 where it faced a minor selling interest. During the upside move, there was a break above a crucial resistance trend line at $1100 on the hourly chart of ETH/USD.
Later, a short-term correction was initiated and the price traded below the 23.6% Fib retracement level of the last wave from the $1060 low to $1176 high. The most important support on the downside is around the $1100 level. The broken resistance at $1100 may now act as a support and it could prevent declines. It also coincides with the 50% Fib retracement level of the last wave from the $1060 low to $1176 high. Therefore, the $1100 level is a decent support if the pair corrects further lower from the current levels.
Below $1100, the $1050 level is the next support along with a bullish trend line on the same chart. On the upside, the price will most likely break the $1176 level. The next major move could be above the $1200 level in the near term.
Hourly MACD – The MACD is placed very well in the bullish zone.
Hourly RSI – The RSI is currently around the overbought levels near 75.
Major Support Level – $1100
Major Resistance Level – $1200
Charts courtesy – SimpleFX
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