Ethereum started an upward corrective over $1,250 against the dollar. If ETH breaks through the $1,400 barrier, it might gain bullish momentum.
Ethereum has remained above the $1,220 support level. After ripple's xrp started a strong upward move, ETH attempted an upward correction over the $1,250 level.
The price of ether was able to break through the $1,260 and $1,280 barrier levels. The price broke over the 50% Fib retracement level of the decline from the $1,409 swing high to the $1,220 low. It is currently trading above the $1,300 level as well as the 100 hourly simple moving average.
The price appears to be trading in a positive zone over $1,320. On the upside, the price is facing resistance at $1,380. If ETH fails to break and hold above this support zone, we may see the price falling to its $1,200 key support and even lower if this support fails to prevent sell orders.
On the hourly chart of ETH/USD, a major bearish trend line with resistance near $1,385 is also forming. The trend line is close to the 76.4% Fib retracement level of the decline from the swing high of $1,409 to the low of $1,220.
The 4 Hour chart for ETH prices continues to move in a range as price retested a low of $1,220; the price of ETH recovered from this zone after forming a bullish divergence, rallying to a high of $1,350 before facing resistance to breaking higher.
The price of ETH is now trading around $1,340 on the 4 Hour chart, slightly below the 100 and 200 Exponential Moving Averages (EMA), which act as resistance for the ETH price. The price of ETH at $1,390 and $1,530 correlates to resistance at the 50 and 200 EMA. For ETH to trend to $1,500, it must reclaim the 50-day moving average (EMA).
According to Price Analysis, The market capitalization of this ETH is estimated to be $164,046,232,676. The 24-hour trading volume for the coin is around $18,503,570,207. ETH market capitalization has risen by 5.71%. However, trade volume decreased by 15.07% during intraday trading. The market capitalization to volume ratio is 0.1126.
On the upside, an immediate resistance level is near $13,80. The next major resistance is near $1,400. A clear break over $1,400 might indicate the start of a decent rise towards $1,450. Any more gains may open the door for a move towards the $1,500 resistance. Close above $1,500 may open the door to $1700 in the short term.
If ethereum fails to recover above the $1,400 resistance level, it may start the new slide. The 100 hourly simple moving average and the $1,330 zone give initial support on the downside. The next major support is at $1,280. A breach below the $1,280 support level might trigger another sharp decline. In this scenario, the price of ether might fall below $1,220 in the near future. If there are any further losses, the price might fall to $1,150.
KEY LEVELS :
RESISTANCE LEVEL : $1400-$1480
SUPPORT LEVEL : $1280-$1220
After the FED decision, bulls rally ETH, but they are now facing resistance at higher levels. What do you think?