Ethereum started a new surge of over $ 1,050 against the US Dollar. The ETH price is showing positive signals and is likely to continue rising towards the $ 1,200 and $ 1,250 levels. According to the technical analysis of NewsBTC Aayush Jindal:
Ethereum started a new upward move above the $ 1,020 and $ 1,050 resistance.
The price is currently trading well above $ 1,100 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $ 1,110 on the hourly chart of ETH / USD (based on Kraken data).
If the pair breaks above the $ 1,135 and $ 1,150 resistance levels, it will likely continue to rise.
Ethereum (ETH) Continues To Rise
After the correction, Ethereum formed a support base around $ 980 and $ 1,000. As a result, ETH started a fresh hike and broke the $ 1,020 and $ 1,050 resistance levels.
Its rise accelerated and rose above the $ 1,100 level. There was a break above the 76.4% Fib retracement level of the downside move from $ 1,135 to $ 974. More importantly, there was a break above a major bearish trend line with resistance near $ 1,110 on the hourly chart of the ETH / USD pair.
The price is currently trading well above $ 1,100 and the 100 hourly simple moving average. A successful close above the $ 1,120 and $ 1,135 resistance levels could accelerate gains in the near term.
The next stop for bulls could be near the $ 1,175 zone. This is near the 1.236 Fib extension level of the move from $ 1,135 to $ 974. Further gains could open the doors for a rise towards the $ 1,220 and $ 1,250 levels in the near term.
Will Ethereum (ETH) Fall?
If Ethereum fails to cross the $ 1,130 and $ 1,150 resistance levels, it could initiate a short-term downside correction. Initial support on the downside is near the $ 1,110 broken triangle trend line.
A downside break below the trendline support could push the price towards the $ 1,080 support zone. Further losses would likely require a dip below the $ 1,050 level. The next big support is near the triangle lower trend line of $ 1,040.