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ETH could restart its rally as it was able to calm down at the $1280 level and tested the $1250 support zone against the US Dollar with the price consolidating and looking for a fresh increase in the near-term so let’s read more in the ethereum price news analysis today.
The price is now correcting lower from the $1385 but it is also above the 100 hourly simple moving average with a crucial contracting triangle forming with the support close to the $1275 on the hourly charts of ETH/USD. The pair will likely correct again but it is likely to remain bid above the $1250 support level. We already saw a downside correction in ETH below the $1350 and the $1300 support levels with the price spiking below the $1280 support level and the 100 hourly simple moving average. The pair tested the $1250 support zone and recovered above $1300 with a break above the $1350 resistance and close above the 100 hourly simple moving average but the price failed to surpass the $1400 resistance zone.
The new high formed close to the $1388 level and the price is now correcting lower and it is testing the 50% fib retracement level from the upwards wave at $1251 low to $1388 high and there’s also a crucial contracting triangle that is forming with the support at the $1275 on the hourly charts of the pair. The triangle support is now close to the 76.4% fib retracement level from the upward wave from the $1251 swing low to the $1388 high and the triangle resistance is now near the $1360 and the $1365 level. The main resistance is now clear the $1385 and the $1400 level so a break above these levels could open the doors for a fresh new surge to the $1450 and the $1480 levels.
If ethereum struggles to remain stable above the $1300 it could correct further so the initial support on the downside is close to the $1280 level and the triangle trend line. The main support is forming close to the $1250 level and if the coin fails to stay above these levels, it could decline towards the $1180 and $1165 support levels. The MACD for the pair is moving into the bullish zone while the hourly RSI is now closing up on the 50 level. ETH could restart the rally soon, if it manages to go straight into the bullish zone.
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