Ethereum has been consolidating gains against the US Dollar above $1,300. If there’s a clear move higher than the $1,370 area, ETH may gain momentum.
- Positive signs are being seen in Ethereum above and beyond the $1,320-$1,330 levels.
- Today, the price traded above $1320. The 100-hourly simple moving average is also up.
- A key contracting triangle is emerging with resistance close to $1,350 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- A clear move higher than $1,350, $1,370 or above could cause the pair to rally.
Ethereum price remains supported
Ethereum’s momentum increased after breaking the $1,300 resistance level and $1,320 resistance levels. ETH reached the $1,350 mark and settled at the top of the 100 hourly simple moving mean.
But, it failed to surpass the $1370 level. Before there was any downside correction, a high was reached near $1370. The price fell below $1,350. The Ether price fell below 23.6% Fib Retracement Level of the Upward Wave from $1,250 Swing Zone to $1,370 High.
It trades above $1,320 as well as the 100-hourly simple moving mean. A key contracting triangle is also visible with resistance close to $1,350 in the hourly chart.
Source: TradingView.com, ETHUSD
Near the $1,350 and triangle trend lines is immediate resistance to the upside. It is located between the $1365 and $1370 levels that will be the main resistance. However, the main obstacle is still close to $1,400. An upside breakout above the $1.400 resistance zone may open up the possibility of a significant increase. The price could rise to the $1,500 mark in the above scenario.
Are Dips Available in the ETH
The $1,350 resistance could be broken and ethereum may continue its downward slide. Initial support for the downside lies near $1,320.
It is located near the $1310 level and the $1.3000 zone. The Fib retracement of the upward trend from $1,250 high to $1,370 high is at 50%. If the downside breaks below the $1300 zone, it could start a decline to $1270.
Technical Indicators
Hourly MACD – MACD for USD/ETH is losing momentum now in bullish territory.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $1,320
Major Resistance Level – $1,370
