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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.

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.

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.

Source: ETHUSD on TradingView.com
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.
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.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,080
Major Resistance Level – $1,145

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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