Ethereumremained steadyabove 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 the100 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.
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.