Ethereum started a decent increase above $1,080, but it failed again near $1,150 against the US Dollar. ETH price is consolidating and it could make another attempt to clear $1,150.
Ethereum Price Testing Key Pivot Zone
There was a decent recovery wave inÂ bitcoin, ethereum, ripple and other altcoins. ETH price formed a support base above the $1,000 level and recovered above the $1,050 level.
There was also a break above a key bearish trend line with resistance near $1,060 on the hourly chart of ETH/USD. It opened the doors for more gains above the $1,100 level and the 100 hourly simple moving average. Ether spiked above the $1,120 resistance, but it struggled to clear theÂ $1,150 resistanceÂ once again.
A high is formed near the $1,147 level and the price is current correcting lower. It broke the $1,120 level and tested the 23.6% Fib retracement level of the recent wave from the $983 swing low to $1,147 high.
It is now trading near the $1,100 zone and the 100 hourly simple moving average. There is also a key ascending channel forming with support near $1,100 on the same chart. If there is a downside break below the channel support, the price could decline towards the $1,065 support zone.
The 50% Fib retracement level of the recent wave from the $983 swing low to $1,147 high is also near $1,065. The next major support is near the $1,045 level, below which the price could revisit $1,000.
Upside Break in ETH?
If ethereum stays above the channel support, it could climb above $1,120. In the stated case, it could make another attempt to clear the $1,150 resistance level.
A close above the $1,150 level, with a proper follow through could start a strong increase. The next hurdle for the bulls above the $1,150 zone is near the $1,240 level.