Why investors believe it is possible for ETH to clear $1,300.
- remained well above the $1,150 support level over the past day.
- ETH traded as high as $1,272.13, according to CoinMarketCap.
- The next resistance for ETH will then be at the $1,320 level.
Over the past day, Ethereum (ETH) was able to stay well above the $1,150 support level and remained above the $1,200 resistance zone.
ETH also spiked above the $1,250 resistance and also closed above the 100 hourly simple moving average. In the past 24 hours, ETH has also traded as high as $1,272.13, according to CoinMarketCap. On top of that, ETH saw a drop below the $1,250 level and a price drop below the 23.6% Fib retracement.
On the hourly chart, there was a break below a key uptrend line with support near $1,225. Right now, ETH is trading above $1,200 as well as the 100 hourly simple moving average.
The next resistance for ETH will be near the $1,250 area. If ETH is able to break above this resistance zone, it could lead to a steady rise in the altcoin. The price is expected to reach $1,280.
Ethereum/US Dollar 1-Hour Trading Chart (Source: TradingView)
The next resistance for ETH will then be at the $1,320 level.
On the other hand, if ETH is unable to climb above the $1,250 level, it could induce a decline with a drop near the $1,200 area. The next support for ETH will then be $1,115.
ETH is still trading above $1,200 and is now worth $1,225.92. Although ETH is currently down around 1.11%, it hit a high of 14.36% last week.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of CQ. Nothing in this article should be construed as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.