New Delhi(CoinChapter.com): Ethereum’s ETH is rising above $1,200. The price must clear the $1,230 zone to climb higher and avoid a fresh decline in the near term.
Ethereum Price (ETH) Attempts Upside Break
This past week, ethereum and bitcoin saw a fresh decline against the US Dollar. The ETH/USD pair failed to clear the $1,350 resistance zone and started a fresh decline.
There was a clear move below the $1,300 and $1,280 support levels. Ether price traded below a major bullish trend line at $1,270 on the 4-hours chart. It opened the doors for more losses below the $1,250 level and the 50 simple moving average (4-hours, blue).
The price traded as low as $1,151 and recently started an upside correction. There was a minor increase above the $1,180 and $1,190 levels.
The bulls even pushed the price above the 23.6% Fib retracement level of the key drop from the $1,352 swing high to $1,151 low. Ether price is now facing a major resistance near the $1,230 zone and the 50 simple moving average (4-hours, blue).
A clear move above the $1,220 resistance level might send the price towards the $1,250 resistance. The next major resistance is near the $1,275 level. Any more gains might open the doors for a move towards the $1,300 resistance.
The 76.4% Fib retracement level of the key drop from the $1,352 swing high to $1,151 low is also near the $1,300 zone to act as a hurdle.
Fresh Bearish Wave?
If ethereum price fails to clear the $1,220 resistance zone, it could start a fresh decline. An immediate support on the downside sits near the $1,195 level. The next major support is near the $1,165 level. The main support sits near the $1,150 level.
A close below the $1,155 and $1,150 support levels might send the price towards the $1,080 support. Any more losses below $1,080 could lead the price towards the $1,000 zone.
Overall, ether price is consolidating near a key juncture at $1,220. If ETH clears the $1,220 and $1,250 resistance levels, it could rise further towards the $1,300 resistance. Conversely, the price might start another decline and revisit the $1,150 support level in the coming sessions.
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