Although there's still people who hope BTC will rebound, I personally believe we've been in the bear market since Oct last year. I didn't act on it and just see how it goes. Now, I'm experiencing my first bear market and I'm quite shock to see many companies are going through harder time than us.…
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Ethereum is slowly moving higher towards $1,200 against the US Dollar. ETH could clear $1,200 unless it fails to stay above the $1,120 support zone. Ethereum extended gains and climbed above the $1,150 resistance zone. The price is now trading above $1,150 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $1,160 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it stays above the key $1,120 support zone. Ethereum Price Rises Steadily Ethereum remained steady above the $1,100 pivot level. There was a steady increase initiated above the $1,120 resistance zone. The bulls were able to push the price above the $1,150 and $1,160 levels. Ether price even broke the $1,185 level and traded as high as $1,194. Recently, there was a minor downside correction below the $1,180 level. The price declined below the 23.6% Fib retracement level of the recent increase from the $1,110 swing low to $1,194 high. However, the price is trading above $1,150 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,160 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $1,190 level. The next major resistance is near the $1,120 zone, above which the price may perhaps gain strength. In the stated case, the price could rise towards the $1,250 resistance. If the bulls remain in action, the price might climb towards the $1,320 zone. Fresh Decline in ETH? If ethereum fails to rise above the $1,200 resistance, it could start a downside correction. An initial support on the downside is near the $1,160 zone. The next major support is near the $1,150 zone. It is close to the 50% Fib retracement level of the recent increase from the $1,110 swing low to $1,194 high. A downside break below the $1,150 support may perhaps send the price towards the 100 hourly simple moving average or $1,120. Any more losses could spark a move towards $1,050. 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 well above the 50 level. Major Support Level – $1,120 Major Resistance Level – $1,200
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