coinquora.com
Over the last day, Ethereum (ETH) was able to stay well above the $1,150 support level and stayed above the $1,200 resistance zone.
ETH also saw a spike above the $1,250 resistance and also a close above the 100-hourly simple moving average. Over the last 24 hours, ETH also traded as high as $1,272.13, according to CoinMarketCap. In addition to this, ETH saw a drop below the $1,250 level and a price decline below the 23.6% Fib retracement.
On the hour chart, there was a break below a key bullish trend line with support close to $1,225. At the moment, ETH is trading above $1,200 as well as the 100 hourly simple moving average.
The next resistance for ETH will be near the $1,250 zone. If ETH is able to break above this resistance zone, it could lead to a steady increase for the altcoin. The price is expected to go as high as $1,280.
The next resistance for ETH will then be at the $1,320 level.
Contrastingly, if ETH is not able to climb above the $1,250 level, it could induce a decline with the downside near the $1,200 zone. The next support for ETH will then be $1,115.
ETH is still trading above $1,200 and is now worth $1,225.92. Although ETH is currently down about 1.11%, it is a 14.36% high over the last week.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.