Ethereum Price Analysis: ETH Could Attempt Fresh Increase Above $1,240

Ethereum price is struggling below $1,240 against the US Dollar. ETH/USD could start another decline if it remains below the $1,250 zone.

Ethereum Price Analysis

This past week, ethereum saw a strong decline below the $1,250 level against the US Dollar. ETH price declined below the $1,220 level and the 55 simple moving average (4-hours).

The price traded as low as $1,150 before the bulls appeared. ETH price started a decent recovery wave above the $1,180 and $1,185 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,350 swing high to $1,151 low.

The price is now trading above $1,200 and the 55 simple moving average (4-hours). Besides, there is also a key bullish trend line forming with support near $1,210 on the 4-hours chart.

An immediate resistance is near the $1,230 level. The first major resistance is near the $1,250 level. It is near the 50% Fib retracement level of the downward move from the $1,350 swing high to $1,151 low. The next major resistance is near the $1,275 zone.

The main resistance is near the $1,300 zone. A clear move above the $1,275 and $1,300 resistance levels might call for a decent increase to $1,350. Any more gains could even send the price above the $1,400 resistance zone.

On the downside, an initial support is near the $1,210 level and the trend line. The next major support is now near the $1,200 level. A break below the $1,200 support could push the price to $1,150. If the bulls struggle to protect the $1,150 support, the price might decline towards $1,100.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading above $1,200 and the 55 simple moving average (4-hours). Overall, ether price could start a decent increase if it clears the $1,240 resistance zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.

Key Support Levels – $1,200, followed by the $1,150 zone.

Key Resistance$ Levels – $1,250 and $1,275.

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