Ethereum Price Breaks Shackles, Why ETH Could Rally Before Bitcoin

Ethereum gained momentum and broken the $1320 resistance to the US dollar. ETH shows positive signs and could surge higher than the $1.400 resistance.

  • Ethereum began to rise steadily above the $1320 and $1330 levels.
  • The current price trades above $1,300 as well as the simple 100-hour moving average.
  • A major bullish trend line is emerging with support at $1,320 (data feed via Kraken).
  • Bitcoin could rise if the price of gold remains at or above $1,300.

Ethereum price gains strength

Ethereum traded well above the $1.265 level, and then started to rise steadily. ETH cleared the $1,290 level and moved into a positive zone.

Nearly 5% price gain and a breakout above $1,320 resistance zone. Even higher than the $1,350 mark, Ether settled over the 100 hourly simple moving mean. It reached $1,370 before it began to decline.

Now, the price is moving towards $1,340. The 23.6% Fib Retracement level is the highest point of the upward movement from $1,252 swing high to $1,370 low. On the hourly chart for ETH/USD, there is a bullish trend line that forms with support at $1,320.

Ethereum Price

Source:, ETHUSD

Near the $1,370 mark is an immediate resistance to the upside. Near the $1,390 or $1,400 levels is the first significant resistance. The doors to a sharp increase could be opened by a clear upward break of the $1,400 resistance level. If this is the case, then the price may rise towards $1,500.

Dips Limited to ETH

The downside correction could be initiated if the resistance of $1,400 is not broken. The $1,340 level is the initial support for the downside.

Near the trend line and at the $1320 level is the next support. Near $1,300 is the main support. This is the Fib retracement area of the upward movement from the $1.252 swing low and $1,370 high. If the downside breaks below the $1300 zone, it could start a decline to $1.265 in near-term.

Technical Indicators

Minutely MACDMACD is currently losing momentum for the bullish area of ETH/USD.

Hourly RSIThe RSI is at 50 for USD/ETH.

Major Support Level – $1,320

Major Resistance Level – $1,370

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