Ethereum experienced a dramatic rise above the $1200 resistance to the US Dollar. ETH has risen to $1,400, and may rise towards $1,500.
- After the close of above $1,250 Ethereum saw bullish momentum.
- Today, the price traded above $1350. The 100-hourly simple moving average is also up.
- On the hourly chart for ETH/USD, there is an important bullish trend line with support close to $1,325. (Data feed via Kraken).
- If it breaks the $1,420 resistance zone, then the pair may continue rising.
Ethereum price gains pace
After a close above $1,200, $1,250 and $1,250, Ethereum entered a positive zone. ETH has cleared the $1320 resistance zone in order to continue into a positive area.
This price increased in speed and eventually surpassed $1,400. It reached $1,420 before settling well below the simple moving average of 100 hours. The Ether price has been consolidating gains close to the $1,400 mark. The Ether price is trading at 23.6% Fib level, which was the previous rally that took it from $1,196 swing lows to $1,420 highs.
A major bullish trend line is also forming, with support close to $1,325 in the hourly chart. The $1,420 level is the immediate resistance.
Source: TradingView.com ETHUSD
It is located near $1,450. The price could rise if it moves above $1,450. Near the $1,500 mark is the next barrier. Above that, the price gains more bullish power. The price may rise to the $1,580 support zone in the above scenario.
Dips Limited to ETH
It could begin a downtrend correction if ethereum does not rise above $1,450. The $1,380 area is the first support for the downside. Near the trend line and in the $1,350 area is the next support.
Main support is found near the $1,000.00 zone. This level corresponds to 50% Fib retracement of the recent rally, which spanned the range from $1,196 swing low through $1,420 high. A decline below the $1300 support could lead to another drop. If this happens, then the price might drop towards the $1,250 support, which could be where bears gain strength.
Technical indicators
Hourly MACD – Now, the MACD of ETH/USD has gained momentum in bullish territory.
Hourly RSI – The RSI is at 60 for USD/ETH.
Major Support Level – $1,350
Major Resistance Level – $1,450
