Ethereum price is currently consolidating above the $1,200 support level versus the US Dollar. The asset could begin to have a steady rise if it goes beyond the $1,300 resistance level and sustains itself there.
Facing Stiff Resistance
Ethereum has been confronted with stiff resistance close to $1,240 and $1,250. It currently trades below $1,240 and the 100-hour simple moving average.
There is a major bearish line being created along with significant resistance close to $1,240 on the ETH/USD chart. The pair might begin to have a clear rise if it moves sharply above $1,240 and onward to $1,300.
The asset, Ethereum, fell off from the $1,300 area but traders managed to sustain it near the $1,200 support level. A similar thing has happened with Bitcoin recently. ETH price formed a bottom and it recently began a new increase beyond $1,210.
The price increased steadily and got beyond the $1,220 area. It equally rose beyond the 23.6% Fibonacci retracement area of the lower movement from the $1,290 high to the $1,184 low. But Ethereum’s price is confronting a stiff level of resistance close to $1,240.
It currently trades under the $1,240 area and the 100-hour simple moving average. Also, a major bearish trend line is being created with considerable resistance close to $1,240 on the ETH/USD hourly chart.
Further Price Possibilities
The trend line in question is close to the 50% Fibonacci retracement area of the lower movement from the $1,290 high and the $1,184 low. The first point of resistance that would be met on the upward movement is close to the $1,240 area. The next significant point of resistance is close to $1,250.
Any decisive break above the $1,250 resistance point might send the Ethereum price higher in the direction of $1,300. It will, of course, encounter another resistance at that point.
If bulls continue to hold things together and the price remains beyond $1,300, it could then begin a steady rise in the direction of $1,400. This would be an exciting level to be in the next trading session.
But if Ethereum’s price is not able to beat the $1,250 resistance area, it might just begin another decline. The first point of resistance on this trajectory is at $1,200.
After that, the other significant point of support it could encounter is $1,170. Under this level, the price might become more bearish. If the stated case plays out, Ethereum might fall to $1,100 shortly.