Ethereum Looks Ready For Another Leg Higher Over $1,200

Ethereum is slowly moving higher towards $1,200 against the US Dollar. ETH could clear $1,200 unless it fails to stay above the $1,120 support zone.

Ethereum extended gains and climbed above the $1,150 resistance zone.
The price is now trading above $1,150 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $1,160 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it stays above the key $1,120 support zone.

Ethereum Price Rises Steadily
Ethereum remained steady above the $1,100 pivot level. There was a steady increase initiated above the $1,120 resistance zone.
The bulls were able to push the price above the $1,150 and $1,160 levels. Ether price even broke the $1,185 level and traded as high as $1,194. Recently, there was a minor downside correction below the $1,180 level. The price declined below the 23.6% Fib retracement level of the recent increase from the $1,110 swing low to $1,194 high.
However, the price is trading above $1,150 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,160 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $1,190 level. The next major resistance is near the $1,120 zone, above which the price may perhaps gain strength. In the stated case, the price could rise towards the $1,250 resistance. If the bulls remain in action, the price might climb towards the $1,320 zone.
Fresh Decline in ETH?
If ethereum fails to rise above the $1,200 resistance, it could start a downside correction. An initial support on the downside is near the $1,160 zone. The next major support is near the $1,150 zone. It is close to the 50% Fib retracement level of the recent increase from the $1,110 swing low to $1,194 high.
A downside break below the $1,150 support may perhaps send the price towards the 100 hourly simple moving average or $1,120. Any more losses could spark a move towards $1,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $1,120
Major Resistance Level – $1,200