Ethereum Price Analysis: ETH Eyes Recovery Above $1,200

Ethereum price is recovering above $1,100 against the US Dollar. ETH/USD could rise further unless it breaks the $1,000 support zone.

Ethereum Price Analysis

This past week, ethereum saw a rejection near the $1,280 resistance against the US Dollar. ETH price started a fresh decline below the $1,100 level and moved into a bearish zone.

There was a move below the $1,050 level, but the bulls were active near the $1,000 zone. A base is formed near $1,000 and the price is now rising. There was a break above the 23.6% Fib retracement level of the main decline from the $1,921 swing high to $880 low.

Besides, there was a break above a key bearish trend line with resistance near $1,060 on the 4-hours chart. The price is now trading above $1,120 and the 55 simple moving average (4-hours).

However, the bears seem to be active near the $1,160 resistance zone. An immediate resistance is near the $1,160 level. The next major resistance is near the $1,250 zone or $1,280, above which the price could rise towards the 50% Fib retracement level of the main decline from the $1,921 swing high to $880 low.

Any more gains could even send the price above the $1,420 resistance zone. On the downside, an initial support is near the $1,100 level. The next major support is now near the $1,000 level. A break below the $1,000 support could push the price to $920. Any more losses could lead the price towards $880 or even $800.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $1,100 zone and the 55 simple moving average (4-hours). Overall, ether price could rise steadily towards the $1,280 resistance level or even $1,420.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.

Key Support Levels – $1,100, followed by the $1,000 zone.

Key Resistance$ Levels – $1,280 and $1,300.

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