TA: ETH Key Indicators Suggest Strengthening Case For More Upsides

TA: ETH Key Indicators Suggest Strengthening Case For More Upsides

Ethereum is gradually rising over the $1,120 area in relation to the US Dollar. If there is a noticeable rise above the $1,165 resistance level, ETH may experience a surge.

ETH Price Aims for Upward Break

The price has just begun a new climb after trading as low as $1,048. The price of ether was able to reach $1,100. The price moved over the 50% Fib retracement level of the decline from the swing high of $1,192 to the low of $1,048.

A significant bearish trend line with resistance at $1,085 was also broken on the ETH/USD hourly chart. Currently, the pair is trading above both the 100 hourly simple moving average and the $1,120 mark.

Near the $1,165 mark, there is immediate upward resistance. It is quite near to where the negative movement from the $1,192 swing high to the $1,048 low is retraced at a 76.4 percent Fibonacci level. Near the $1,190 region comes the next significant barrier. A definite move above the $1,190 resistance level might signal the beginning of a continuous rise.

What if ETH fails to break the resistance?

Ethereum may resume its slump if it is unable to break over the $1,165 barrier. Near the $1,120 region is the first area of support on the downside.

Near the $1,100 region and the 100 hourly simple moving average is the next significant support. Closing below $1,100 might signal the beginning of another slump. In the aforementioned scenario, the price of ether might perhaps drop below $1,050. The $1,000 support may need to be approached if there are any more losses.