Ethereum was very volatile the other day, and its price dropped exactly as we expected on the Ethereum Dominance Index. The price dropped to the $1,200-$1,190 range, and since it was considered a good support, demand at this level once again drove the price of Ethereum higher. A range area has formed at the time of writing this analysis in the $1220, which is related to the short-term period.
The price now trades above $1,210 and the 100 hourly simple moving average.
The first Ethereum's major support is $1,190. A break below $1,190 might cause a move toward the $1,150 support. Any more losses could move the price toward the $1,100 level.
So if it fails to climb above the $1,230 resistance, it will start another drop. On the other hand, if it breaks the $1,230, it will go for $1,250 and $1,400 resistances.
The price now trades above $1,210 and the 100 hourly simple moving average.
The first Ethereum's major support is $1,190. A break below $1,190 might cause a move toward the $1,150 support. Any more losses could move the price toward the $1,100 level.
So if it fails to climb above the $1,230 resistance, it will start another drop. On the other hand, if it breaks the $1,230, it will go for $1,250 and $1,400 resistances.
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