Ethereum crossed the critical $1,350 resistance area against the US Dollar. ETH’s price is on the rise, and it could go higher to $1,500.
- Ethereum trades above $1,350 and slowly moves higher.
- The current price trades above $1,350 as well as the simple 100 hour moving average.
- On the hourly chart for ETH/USD, there is support close to $1,350. This trendline forms as a bullish indicator (data feed via Kraken).
- It is possible for the pair to continue rising if it moves clear above $1,370.
Ethereum Price Sees More Positives
Ethereum established a strong support base at the $1,250 level. ETH remained steady and increased steadily above $1,300. It was able clear the $1320 resistance area and the 100-hourly simple moving average.
The $1,350 mark was reached. It reached $1,369 at one point and has been consolidating gains. The Ether price has risen to $1,350 above the 100-hourly simple moving average. It is trading also above the 23.6% Fib Retracement level for the upward movement from $1,268 swing high to $1,369 low.
On the hourly chart for ETH/USD, there’s a bullish trend line that is showing support at $1,350. Surprisingly, resistance is near $1,370.
Source: TradingView.com, ETHUSD
If the price breaks above $1,370, it could trigger another rise towards $1,400. Should the bulls continue to be active, prices could climb towards $1,450. The possibility of further gains opening the door to a possible move toward the $1,500 resistance level may be possible. Next is $1,550.
Dips Limited in Ethereum?
A downside correction could occur if the resistance of $1,360 is not broken. The trend line and $1,350 are the initial supports for the downside.
It is close to the $1320 level. This is close to the 50 percent Fib retracement point of the upward swing from the $1.268 swing low and $1.369 high. In the event of a downside breakout below the $1320 support, the price may move towards $1275.
Technical Indicators
Hourly MACD – In the bullish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI is well over 50 for USD/ETH.
Major Support Level – $1,320
Major Resistance Level – $1,370