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Ethereum is slowly moving higher above the $1,120 zone against the US Dollar.
ETH could rally if there is a clear move above the $1,165 resistance level.
Ethereum is facing resistance near the $1,165 and $1,190 levels. The price is now trading above $1,120 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if there is a clear move above the $1,165 resistance.
Ethereum started a downside correction below the $1,120 level. ETH even traded below the $1,080 level, but the bulls were active near the $1,050 support zone.
The price traded as low as $1,048 and recently started a fresh increase. Ether price was able to surpass the $1,100 level. There was a move above the 50% Fib retracement level of the downward move from the $1,192 swing high to $1,048 low.
Besides, there was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD. The pair is now trading above $1,120 and the 100 hourly simple moving average.
Immediate resistance on the upside is near the $1,165 level. It is close to the 76.4% Fib retracement level of the downward move from the $1,192 swing high to the $1,048 low.
The next major resistance is near the $1,190 zone. A clear move above the $1,190 resistance zone could start a steady increase.
The next major resistance is near the $1,250 level. Any more gains could start a move towards the $1,320 resistance in the near term.
If Ethereum fails to rise above the $1,165 resistance, it could start a fresh decline. Initial support on the downside is near the $1,120 zone.
The next major support is near the $1,100 zone and the 100 hourly simple moving average. A close below the $1,100 level might start another decline.
In the stated case, ether price may perhaps decline towards the $1,050 level. Any more losses might call for a move towards the $1,000 support. - newsbtc
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