Positive signs are being seen above the $1350 resistance against the US Dollar. If ETH makes a strong move above $1,400 resistance it will gain bullish momentum.
- Ethereum is growing at a rapid pace, and has recently been traded above $1375.
- Today’s price trades above $1,350. This is in addition to the simple 100 hour moving average.
- The hourly chart for ETH/USD showed a breakout above the major bearish trendline with resistance at $1,355 (data feed via Kraken).
- It is possible for the pair to continue rising if it moves clear above the $1.400 resistance.
Ethereum’s Price Supported
The $1,300 level and the $1,310 level were well-bought for Ethereum. ETH established a strong base at the $1320 level, and then started a new increase above $1,3330.
A steady rise was observed above the $1350 resistance level as well as the 100 hourly simple movement average. It was notable that the hourly chart of Ethereum/USD showed a breakout above a significant bearish trend line, with resistance close to $1,355. Even higher than the $1,375 resistance area was reached by the pair.
The price has been consolidating its gains since a high of $1,385 was reached. The Ether Price is above the $1,350 moving average and the simple 100-hourly moving average.
It trades near 23.6% Fib Retracement of the upward movement from $1.316 swing low to $1.385 high. The upside is that the price faces resistance in the vicinity of the $1,385 area. Near the $1,400 mark is the first significant resistance.
Source: TradingView.com ETHUSD
The steady rise towards $1,450 could be initiated by a clear break of $1,400. A break above $1,400 could signal a steady increase towards the $1,450 level. If the price breaks that, it could become bullish. If this is the case, then the price might rise towards $1,550.
Dips supported in ETH
It could begin a downtrend correction if ethereum does not climb above $1,400. Initial support is at the $1,365 mark.
Near the $1,350 support level is the next significant support. This is close to the 50 percent Fib retracement area of the upward swing from the $1316 swing low and $1,385 peak. A decline below the $1350 support level could push the price toward the $1320 threshold.
Technical Indicators
Minutely MACD – In the bullish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI of ETH/USD has risen to well above 50.
Major Support Level – $1,350
Major Resistance Level – $1,400
