On a daily basis, the price of ETH remains extremely high, hovering near $1,200. ETH is trading at the bottom of the falling channel line on the 4 hour chart.
Ethereum has begun a decent recovery wave against the US dollar above $1,180. If ETH remains below the $1,250 barrier, it may begin a new drop. Similarly to bitcoin, Ethereum has begun a recovery wave over the $1,150 barrier level. ETH even broke beyond the $1,200 barrier and settled above the 100 hourly simple moving average.
However, the $1,230 resistance level was not touched. The price of ether has reached as high as $1,218 and is currently erasing gains. Below $1,200, there was a minor decline. It is presently nearing the 23.6% Fib retracement level of the upward run from the swing low of $1,075 to the high of $1,218.
It is currently trading above the $1,180 level as well as the 200 hourly simple moving average. On the hourly chart of ETH/USD, a short-term bullish flag is forming with resistance at $1,200.
An immediate resistance on the upside is near the $1,200 level and the channel trend line. On the hourly chart of ETH/USD, a major bearish trend line is forming with resistance near $1,245. The trend line is close to the 50% Fib retracement level of the current slide from the swing high of $1,291 to the low of $1,187. The next significant barrier is located at the $1,265 level. A clear break above the $1,265 resistance level might push the price towards the $1,320 level. To begin a steady rise, the price must rise beyond $1,30. In the above scenario, the price may go to $1,400.
If ethereum fails to break through the $1,230 barrier, it may fall further. The 100 hourly simple moving average and the $1,160 level offer initial support on the downside. The next key support is at the $1,150 level, representing the 50% Fib retracement of the upward move from the $1,075 swing low to the $1,218 high, below which ether price may begin to fall. In the aforementioned situation, the price might fall towards the $1,070 support level.
According to Price Analysis, the market capitalization of this ETH is expected to be $144,589,103. The coin's 24-hour trading volume is nearly $9,084,553,098. The market capitalization of Ethereum has fallen by 1.89%. However, trading volume decreased by 18.21 during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $1,240-$1,280
SUPPORT LEVEL : $1,140-$1,070
After successfully crossing the falling channel, ETHEREUM is trading above the channel line, but is facing $1,200 resistance. Will the bulls break over the $1,200 barrier or fall back to $1,070? Please share your thoughts.