Ethereum's Leading Indicator Suggests Strengthening Case for More Upsides

Ethereum Price

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Categories: Cryptocurrency

Ethereum started a downside correction below the $1,120 level. ETH was also trading below the $1,080 level, but the bulls were active near the $1,050 support area. The price traded as low as $1,048 and a fresh increase recently started. Ether price was able to cross the $1,100 level.There was an upside move from the 50% Fib retracement level of the upward move from $1,192 high to $1,048 low. An immediate upside resistance is near the $1,165 level. It is close to the 76.4% Fib retracement level of the decline from the $1,192 high to $1,048 low. The next major resistance is near the $1,190 area. A clear move above the $1,190 resistance area could start a steady rise. If Ethereum fails to rise above the $1,165 resistance, it could start a fresh decline.An initial support on the downside is near the $1,120 area. The next major support is near the $1,100 area and the 100 hourly simple moving average. Another decline could start below the $1,100 level. In the said case, Ether price could decline towards the $1,050 level. Any further losses could call for a move towards the $1,000 support level.

Ethereum Price rise, ETH Price falls, Fib retracement Level, Resistance

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