Ethereum has been steadily moving up above $1,320 against the US Dollar. ETH might gain speed above the $1,350 or $1,400 resistance levels.
- Ethereum was strong over the $1,265 support area and showed a steady increase.
- Today, the price traded above $1320. The 100-hourly simple moving average is also up.
- A major bullish trendline is emerging with support at $1,315 (data feed via Kraken).
- Bullish momentum could be gained by the pair if it breaks through $1,350.
Ethereum Prices See More Gains
Ethereum reached a $1,260 base and saw a similar increase to that of bitcoin. ETH rose above the $1280 and $1300 levels.
A break was seen above the 50% Fib Retracement level for the key fall from the $13,344 swing high to the $1,262 lower. The Ether price now trades above $1,320 as well as the 100-hourly simple moving average. Above $1,320 it seems that the bulls have control.
The Fib Retracement Level of the Key Drop from $1,344 high to $1,262 lowest is also above 76.4%. A major bullish trendline is also forming, with support close to $1,315 in the hourly chart of Ethereum/USD.
Near the $1,340 area or the swing high will be the first resistance. Near the $1,350 mark is the first significant resistance. The doors to further gains could be opened by a clear upward break of the $1,350 resistance level. The price could rise to the $1,400 resistance in the above scenario.
Source: TradingView.com, ETHUSD
Near the $1.400 area is the 1.618 Fib extension value of the key fall from $1,344 swing high and $1,262 lowest. The price could reach the $1500 barrier if it gains more.
What is the Downside to ETH?
The $1,350 resistance could be broken and ethereum may begin to fall again. The trend line and $1,315 are the initial supports for the downside.
Near the $1,300 and 100 hourly simple moving average levels is the next support. A dip below the $1300 level could trigger a further decline to $1260. A move toward the $1,200 support may be possible if there are more losses.
Technical Indicators
Hourly MACD – In the bullish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $1,300
Major Resistance Level – $1,350