TA: Ethereum Could Rally If It Clears This Key Breakout Zone

TA: Ethereum Could Rally If It Clears This Key Breakout Zone

Ethereum dived towards $1,000 before it found support against the US Dollar. ETH is now correcting higher and facing a key hurdle near USD 1,125.

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Ethereum extended decline towards $1,000 before it found support. The price is now trading above $1,080 and the 100 hourly simple moving average.

There was a break above a key bearish trend line with resistance near $1,100 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it clears the $1,125 resistance zone.

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Ethereum Price Finds Support

Ethereum remained in a bearish zone below the $1,100 support zone. ETH extended decline below the $1,050 and $1,040 levels. However, the bulls appeared above the $1,000 support zone.

A low was formed near $1,014 and the price started a fresh increase. The bulls gained strength for a move above the $1,050 and $1,060 resistance levels. 
 

Ether price climbed above the 23.6% Fib retracement level of the downward move from the $1,275 swing high to $1,014 low.Besides, there was a break above a key bearish trend line with resistance near $1,100 on the hourly chart of ETH/USD.

Ether price is now trading above $1,080 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,125 level.

The first major resistance is near the $1,145 zone. It is near the 50% Fib retracement level of the downward move from the $1,275 swing high to $1,014 low. A clear move above the $1,145 level could send the price higher.
 

The next key barrier is near the $1,195 level, above which the price start a decent increase. In the stated case, the price could rise towards the $1,280 resistance zone.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,145 resistance, it could start a fresh decline. An initial support on the downside is near the $1,090 zone. The next major support is near the $1,080 zone.


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A downside break below the $1,080 support may perhaps spark another decline. In the stated case, the price could drop toward the $1,030 level, below which the bears might gain strength. - newsbtc

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