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ETH Gains Bullish Momentum Near $1250, Remaining Attractive On Dips


ETH gains bullish momentum near the $1250 level and remained attractive on the dips with the price breaking the $1200 resistance but keeps on struggling at the $1250 level as well as we are reading more in our latest Ethereum news.

Ethereum gains bullish momentum as it started a steady increase above the $1150 level and the $1200 resistance levels with the price facing the resistance here but above the 100 hourly simple average with a major bullish trend line forming with the support at the $1200 on the hourly charts of the pair. The pair could correct lower but the previous resistance at the $1150 level could act as strong support.

Source ETHUSD on TradingView.com

There was a strong increase in the BTC price and ETH above $38,500 and the $1150 level respectively with the price gaining bullish momentum as it broke above here and the 100 hourly simple moving average. The bulls made two other attempts to clear the $1250 zone but failed with the recent high forming at the $1252 level and the price is consolidating the gains further. It already tested the 23.6% fib retracement level from the recent increase from $983 low to the $1252 high while on the downside there’s a major bullish trend line forming with the support at the $1200 on the hourly chart of the pair.

A downside break below the trend line support will lead the price towards the $1150 support zone while on the upside the $1250 major level is a breakout zone. A clear break above the $1250 level could open the doors for a steady increase in the upcoming sessions with the next key resistance that is near the $1300 and the $1320 levels. If ETH corrects lower below the trend line at the $1200 level and it could find a strong support at the $1150 level and the 100 hourly simple moving average.


Image Courtesy of Josh Rager. Source ETHUSD on TradingView.

The next major support is near the $1120 level and a close to the 50% fib retracement level of the recent increase from the $983 low to the $1252 high but more losses could call for a fresh drop at the $1050 support level in the near-term. the MACD for the pair is slowly losing pace in the bullish zone with the RSI for the pair is moving lower to the 55 levels. The major support level is set at $1150 and the major resistance level is set at $1250 level.

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