Ethereum climbed higher above the $1,400 resistance zone against the US Dollar. ETH is consolidating gains and might rise further towards the $1,500 level.
- Ethereum started a fresh increase above the $1,350 and $1,400 resistance levels.
- The price is now trading above $1,400 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,365 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further unless there is a clear move below the $1,350 support.
Ethereum Price Turns Green
Ethereum price started a strong increase above the $1,320 resistance. ETH was able to clear the $1,350 resistance zone to move into a positive zone, similar to bitcoin above $17,200.
The price even climbed above the $1,400 resistance zone. A high is formed near $1,437 and the price is now consolidating gains. Ether price is now trading above $1,400 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,365 on the hourly chart of ETH/USD.
Recently, there was a downside correction below the $1,420 level. The price declined below 23.6% Fib retracement level of the upward move from the $1,351 swing low to $1,437 high.
However, the price is stable near the $1,400 zone. An immediate resistance is near the $1,435 level. The next major resistance is near the $1,500 level. An upside break above the $1,500 resistance zone could set the pace for more gains.
Source: ETHUSD on TradingView.com
In the stated case, the price may perhaps rise towards the $1,550 resistance. Any more gains might send the price towards $1,600 or even $1,620 in the near term.
Dips Supported in ETH?
If ethereum fails to clear the $1,430 resistance, it could start a downside correction. An initial support on the downside is near the $1,394 level.
The next major support is near the $1,370 level and the trend line. It is near the 76.4% Fib retracement level of the upward move from the $1,351 swing low to $1,437 high. If there is a move below $1,370, the price might test the $1,350 support. Any more losses might call for a test of the $1,300 zone.
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 above the 50 level.
Major Support Level – $1,370
Major Resistance Level – $1,430
Aayush Jindal
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