ETH has risen above the 50% Fib retracement level

Down move from a high of $ 1,440 to a low of $ 1,042. Price made a break above the main downtrend line with resistance near $ 1,265 on the 4-hour chart.

ETH price is currently approaching the $ 1,345 resistance zone. It’s close to the 76.4% Fib retracement level. If it breaks above $ 1,345, the market could form a new rally above the $ 1,400 resistance zone. In that case, the price could continue towards $ 1,500. The next major resistance is located near $ 1,530.

If it fails to break through the $ 1,345 and $ 1,380 resistances, ETH could initiate a downside correction with its first major support near the $ 1,240 zone.

Major support is forming near $ 1,180 and the 100 (4-hour) simple moving average. Any further loss can drive the price towards the $ 1,080 support zone.