Last week Bitcoin ed Ethereum they have experienced a new decline below $ 1.200 and $ 35.000 respectively. The price of ETH in particular dropped below $ 1.100, but remained stable above $ 1.000, thus finding some support.
It then formed a low close to $ 1.042 before the price began a new rise. There was therefore a strong close above $ 1.200 and above the simple moving average 100 (on the 4 hour chart).
Hence, there was a break above a major bearish trend line with resistance near $ 1.265 on the ETH / USD 4-hour chart.
Currently, the price of ether is approaching the $ 1.345 resistance zone. A clear break above that level could open the door for a further rise above the $ 1.400 resistance zone. In the case indicated, the price could continue to rise towards the $ 1.500 level. The next major resistance is near the $ 1.530 level.
However, if Ethereum fails to break out of the $ 1.345 and $ 1.380 resistance levels, then a downward correction could begin. The first key support on the downside is near the $ 1.240 level.
Major support is forming near the $ 1.180 level. Further losses could push the ETH price towards the $ 1.080 support zone.