Positive signs are being seen above the $1300 mark against the US dollar. If it breaks the $1330 and $1350 resistance levels, ETH might rally.
- Ethereum continues to move higher, trading well above the $1300 mark.
- Today, the price traded above $1310. The 100-hourly simple moving average is also up.
- On the hourly chart for ETH/USD, there is support at $1,320. This trendline forms as a bullish indicator (data feed via Kraken).
- Bullish momentum could be gained if the price moves higher than $1,350.
Ethereum price remains supported
Ethereum traded well above the $1250 mark. The $1,280 level and the $1,288 level saw a slight increase. Positive indicators are seen at ETH over the $1,300 and 100 hourly simple moving median levels.
The 50% Fib level of the decline from the $1.372 swing high, to the $1.265 swing low, was exceeded by the price. Even the $1,310 and 100-hourly simple moving average levels were both exceeded by the price.
On the hourly chart for ETH/USD, there is a bullish trend line that forms with support at $1,320. Surprisingly, resistance is near $1,330. The price is close to the 61.8% Fib Retracement level for the downmove from $1,372 swing high and $1,265 swing lowest.
Source: TradingView.com ETHUSD
If the price breaks above $1,330, it could signal a significant increase to $1,355. Should the bulls continue to be active, prices could climb towards the $1.375 level. If the gains continue, it could be possible for the price to move toward the $1400 resistance zone. Near the $1,450 mark is the next significant resistance.
Is there a new decline in ETH?
It could begin a new decline if it fails to rise above $1,355 resistance. The trend line and $1,320 are the initial supports for the downside.
Near the $1,290 support level is the next major support. The $1,255 level could be reached if the downside breaks below it. If the losses continue, the selling could accelerate and the price could drop below $1,290 or towards $1,200 during the following sessions.
Technical Indicators
Minutely MACD – Now, the MACD of ETH/USD has gained momentum in bullish territory.
Hourly RSI – The current RSI of ETH/USD stands just below the 50 level.
Major Support Level – $1,320
Major Resistance Level – $1,375
