Against the US dollar, ETHEREUM bulls tried to defend the $1,220 support zone. ETH is rising and could launch a strong bullish wave just above the $1,300 resistance level. The price of Ethereum has continued to fall below $1,250. ETH, like bitcoin, has fallen below the $1,240 support level and the 100 hourly simple moving average.

On the other hand, the bulls were active near the $1,220 support level. They defended additional losses, and the price of ether gradually increased. The price rose above the $1,240 and $1,250 resistance levels. The significant slide from the $1,304 swing high to the $1,220 low was broken above the 50% Fibonacci retracement level.

Furthermore, on the hourly chart of ETH/USD, there was a break above a strong negative trend line with resistance above $1,245. The pair is currently trading above the $1,250 mark as well as the 100 hourly simple moving average.

Ethereum Technical Outlook

It is settling near the 76.4% Fib retracement level of the major slide from the $1,304 swing high to the $1,220 low. The $1,290 level is an immediate upward resistance. The first substantial resistance is located near $1,300.

A close above the $1,300 barrier level could spark a new upward trend. The next key resistance mark is near $1,320, above which ether price could get bullish momentum for a rise above $1,400. Further advances might push the price up to the $1,450 resistance level.

If Ethereum fails to break beyond the $1,300 barrier, it may begin to fall again. The 100 hourly simple moving average and the $1,260 level provide early support on the downside.

The next big support is around $1,220. If the price breaks and closes below $1,220, it may fall toward the $1,200 support. Any further losses could push the price down to the $1,165 support.