Following a period of stability at $1,000 versus the US Dollar, Ethereum (ETH) enters a new uptrend. Above the $1,150 barrier level, Ethereum (ETH) can move much higher.
Near the $1,070 region, the pricing was able to overcome a few significant obstacles. Even the 61.8 percent Fib retracement level of the significant decline from the swing high of $1,235 to the low of $997 was tested by the price.
The price of Ethereum (ETH) reached a high of $1,158 while trading much higher than the 100 hourly simple moving average. Furthermore, it is significantly higher than the point at which the previous rise from the $1,025 swing low to the $1,158 high was retraced at a 23.6% rate.
The $1,150 level is close to where there is imminent upward resistance. The price may perhaps clear the $1,200 obstacle above the next significant resistance, which is located close to the $1,180 zone. The price may increase toward the $1,250 resistance in the scenario described. The price may move toward the $1,300 range if there are any more advances.
Ethereum (ETH) may begin a negative correction if it is unable to break over the $1,150 resistance. The area around $1,125 serves as a first point of support on the downside.
Near the $1,090 region and the 100 hourly simple moving average is the next significant support. It is close to the point where the current rise from the swing low of $1,025 to the high of $1,158 is 50% Fibonacci retraced. A breach to the south below the $1,090 support level might potentially put pressure on the bulls in the near future. Near $1,060, there is the next significant support.
The post New Surge in Sight As Ethereum (ETH) Gathers Momentum appeared first on Crypto Academy.