Ethereum Breaks Through $1,100 Zone, Gains Ground Against USD
Ethereum is making progress above the $1,100 zone as it gains ground against the United States dollar. An increase in ETH's price may be in store once it breaks through its resistance levels which start at $1,170.
Ethereum is trading above $1,100 against the US dollar. It could move higher in the vicinity of $1,170.
- Ethereum's price rose after it went past the $1,100 and $1,120 levels.
- At the time of writing, the price of Bitcoin was trading above $1,120 and the 100-hour simple moving average.
- A bullish trend line with support near $1,120 is forming on the hourly chart of ETH/USD (data feed via Kraken).
- If the price moves above the $1,170 resistance zone, it could continue to rise.
Ethereum Price Is Supported
The Ethereum price tried to break above the $1,165 and $1,170 resistance levels. The bears were defending the $1,170 level.
The price of Ether fell to below $1,130 before a rebound from the recent high at $1,169. The price dropped by more than 50% after reaching the peak at $1,170.
The bulls seem to be active near the $1,120 support zone. They also found support near the 61.8% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high.
Ether is trading above $1,120 and the 100-hour simple moving average. There is also a key bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD. An immediate resistance on the upside is at the $1,150 level.
If the price rises above the $1,170 zone, it may go beyond the $1,200 resistance. In that case, it could reach the $1,250 barrier. If there are additional gains, it might hit the $1,320 mark.
Is the price of Ether falling again?
If ethereum fails to rise above the $1,170 resistance, it could start another downside correction. A possible support on the downside is in the $1,120 area.
The next major support is near the $1,100 zone and the 100 hourly SMA. A downside break below the $1,100 level might spark another drop. In this case, the price may fall to the $1,070 region.
Technical indicators are used to monitor the financial markets. Technical analysis
ETH/USD's hourly MACD is now trending higher in the bullish zone.
The RSI for ETH/USD is now well above the 50 level.
The price of Bitcoin has hovered around $1,100 since the beginning of 2019
$1,170 is a key price point