Ethereum price relatively muted, bulls still aim key upside break

newsbtcPublished on 2022-12-26Last updated on 2022-12-26

Abstract

Ethereum is consolidating below the $1,230 resistance against the US Dollar. ETH could start a steady increase if it clears the $1,230 and $1,250 resistance levels.

Ethereum is consolidating below the $1,230 resistance against the US Dollar. ETH could start a steady increase if it clears the $1,230 and $1,250 resistance levels.
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Ethereum is slowly moving higher from the $1,190 support zone.
The price is now trading above $1,210 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $1,215 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if there is a clear move above $1,230 and $1,250.

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Ethereum Price Eyes Upside Break

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Ethereum price remained well bid above the $1,180 and $1,190 levels. ETH formed a base above the $1,190 level and started an upward move.

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There was a clear move above the $1,200 resistance zone and the 100 hourly simple moving average. Ether price climbed above the 50% Fib retracement level of the downward move from the $1,237 swing high to $1,193 swing low.
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Besides, there was a break above a key bearish trend line with resistance near $1,215 on the hourly chart of ETH/USD. The pair is now consolidating near the 61.8% Fib retracement level of the downward move from the $1,237 swing high to $1,193 swing low.

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An immediate resistance is near the $1,230 level. The next major resistance is near the $1,250 level. A clear upside break above the $1,250 resistance could start a steady increase. In the stated case, the price may perhaps rise towards the $1,300 resistance.

Source: ETHUSD on TradingView.com
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The next major resistance could be $1,350. If there is an upside break above the $1,350 resistance, the price might rise towards $1,400. Any more gains might send the price towards the $1,500 resistance zone.

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ETH Still In a Range?
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If ethereum fails to climb above the $1,230 resistance, it could start another drop. An initial support on the downside is near the $1,215 level and the 100 hourly simple moving average.
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The next major support is near the $1,200 level. The first major support is near the $1,190 level. A downside break below $1,190 might spark a move towards the $1,150 support. Any more losses could lead the price towards the $1,100 zone.

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Technical Indicators
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Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,190
Major Resistance Level – $1,230

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