Ethereum Price Consolidates Below $1,250: What Could Trigger A Fresh Rally?

Ethereum is facing resistance above $1,250 against the US Dollar. ETH could gain bullish momentum if it clears the $1,230 and $1,250 resistance levels. Ethereum attempted a recovery wave and climbed above the $1,200 level. The price is now trading above $1,200 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $1,220 on the hourly chart of ETH/USD (data feed via Kraken). The pair could a steady increase if there is a clear move above $1,230 and $1,250. Ethereum Price Eyes Upsides Break Ethereum price started an upside correction from the $1,150 support zone. ETH was able to climb above the $1,180 and $1,200 levels. There was a close above the $1,200 level and the 100 hourly simple moving average. Ether price even tested the $1,230 resistance zone. It is now consolidating below the $1,230 level, similar to bitcoin. There was a minor decline below the $1,220 level. The price declined below 23.6% Fib retracement level of the upward move from the $1,150 swing low to $1,230 high. Ether is now trading above $1,200 and the 100 hourly simple moving average. An immediate resistance is near the $1,220 level. There is also a key contracting triangle forming with resistance near $1,220 on the hourly chart of ETH/USD. The first major resistance is near the $1,230 level. A clear upside break above the $1,230 resistance could send the price towards the $1,250 resistance. Source: ETHUSD on TradingView.com To start a steady increase, the price must settle above the $1,230 and $1,250 levels. The next major resistance could be $1,300. If the bulls clear the $1,300 resistance, the price might rise towards $1,345. Any more gains might send the price towards the $1,400 resistance zone. Fresh Decrease in ETH? If ethereum fails to climb above the $1,230 resistance, it could start another drop. An initial support on the downside is near the $1,200 level and the 100 hourly simple moving average. The next major support is near the $1,190 level. It is close to the 50% Fib retracement level of the upward move from the $1,150 swing low to $1,230 high. A downside break below $1,190 might spark a move towards the $1,150 support. Any more losses could lead the price towards the $1,065 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is now slowly gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,190 Major Resistance Level – $1,230