Ethereum’s ETH found support above $1,200. The price is now recovering and might gain bullish momentum if there is a close above $1,350.
Ethereum (ETH) Price Aims Higher
This past week, ethereum saw a steady decline below the $1,500 resistance zone against the US Dollar. The ETH/USD pair declined below the $1,400 level and the 50 simple moving average (4-hours, blue).
The bears were able to push the price below the $1,350 pivot level. Finally, ether price dropped below the $1,250 support, but it remained stable above the $1,200 level. A low was formed near $1,220 before the bulls appeared.
Etheruem’s 4-hours price chart | Source: ETH/USD on TradingView.com
The price was able to remain stable above the $1,250 level. There was a minor increase above the $1,300 level. The price is now attempting to clear a major bearish trend line at $1320 on the 4-hours chart.
The trend line resistance is near the 50 simple moving average (4-hours, blue). An immediate resistance is near the $1,350 level. It is near the 23.6% Fib retracement level of the main drop from the $1,790 swing high to $1,220 low.
A clear move above the trend line and $1,350 might start a steady recovery wave. In the stated case, ether price may perhaps rise towards the $1,500 resistance zone. It is close to the 50% Fib retracement level of the main drop from the $1,790 swing high to $1,220 low.
Any more gains might open the doors for a move towards the $1,580 resistance. If there is no upside break above the $1,350 resistance, the price might continue to move down.
An immediate support on the downside sits near the $1,280 level. The next major support is near $1,220 and $1,200 levels. A close below the $1,200 level might start a strong bearish wave. In the stated case, there is a risk of a move towards the $1,050 zone.
Overall, ether price is attempting a key upside break above the $1,320 and $1,350 resistance levels. If the bulls succeed, the price could rise towards $1,500. Conversely, there might be a fresh drop towards the $1,200 support zone or even $1,050.
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