Ethereum rebounded from losses to climb above the $1320 level against US Dollar. If there’s a clear move higher than $1,350, ETH may see a new increase.
- Ethereum recovered its losses and found support at $1,250.
- The current price trades above $1,300 as well as the simple 100-hour moving average.
- The hourly chart of USD/ETH shows a contracting triangle with support at $1.340 (data feed via Kraken).
- If the pair moves above $1,350 it could trigger a new increase.
Ethereum’s Price is Strong
Following a steep decline Ethereum has found support around the $1,250 mark. ETH dropped to $1,253 before a new increase began. It was steady and the price reached the $1,300 support.
Above the $1,300 mark, bulls were very active. The price moved above the 50% Fib level, which is the retracement of the decline from $1,399 swing low to $1,253 high. Now, the price trades above $1320 and the 100-hourly simple moving average.
On the hourly chart of Ethereum/USD, there is a contracting triangle that forms with support at $1.340. Surprisingly, resistance is near $1,350 and 1,355 levels.
It is located near the $1,365 mark. The 76.4% Fib Retracement level is the next major resistance to the downward movement from the $1.399 swing high towards the $1.253 low. An increase of $1,400 might be possible if the clear level breaks through $1,365.
Source: TradingView.com ETHUSD
A move toward the $1,450 resistance could be possible with any additional gains. Bulls may aim for $1,500 above this level.
New Decline in the ETH
It could begin a new decline if it fails to rise above $1,355 resistance. The triangle lower trendline and near $1,340 provide initial support.
Near the $1,315 support level is the next significant support. In the short term, a downside breakout below $1,315 could push the price to the $1,280 level. The price could drop to $1250 if there are more losses.
Technical indicators
Hourly MACD – MACD for USD/ETH is losing momentum now in bullish territory.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $1,315
Major Resistance Level – $1,355
