Ethereum Price Pumps and Looks Ready For Another Leg Higher Over $1,400

The US CPI data against the US Dollar caused Ethereum to drop. ETH plunged to $1200, before starting a sharp rise and surpassing $1,300.

  • Ethereum recovered from all losses to climb back over the $1,300 resistance area.
  • The current price trades above $1,300 as well as the simple 100-hour moving average.
  • On the hourly chart of Ethereum/USD, there was an upward movement above a significant bearish trend line. Resistance near $1290 was seen (data feed via Kraken).
  • It seems like the pair is aiming for a steady rise above $1,350.

Ethereum price jumps over 5%

After the US CPI data were released, Ethereum experienced a similar decline to that of bitcoin. ETH plunged below $1250 support. Even dropping below $1,200 before the bulls appeared.

The price fell to $1,188. Over 5% of the resistance zone at $1,250 was reached. The Ether price reached the 61.8% Fib level of the decline from the $1.306 swing high, to the $1.188 low.

A break was also observed above the major bearish trendline with resistance at $1,290, on an hourly chart for ETH/USD. Now, the pair trades above $1300 as well as the simple 100-hour moving average.

Near the $1,335 mark is immediate resistance. The 1.236 Fib extension point of the downmove from $1,306 high to $1,188 low is located near it. Near the $1,350 mark is the first major resistance. The doors to further gains could be opened by a clear upward break of the $1,350 resistance area.

Ethereum Price

Source: ETHUSD

The price could rise to the $1,400 level in the above scenario. Price gains could push the price higher towards the $1500 resistance.

Is there a new decline in ETH?

It could begin a downtrend correction if ethereum does not climb above $1,335 resistance. The $1,310 level is the initial support for the downside.

Next major support will be near the $1290 level and the 100-hourly simple moving average. A dip below $1290 could trigger a further decline to $1250. If there is more loss, it could open up the possibility of a push towards $1200.

Technical indicators

Minutely MACDIn the bullish zone, momentum is being gained by MACD for USD/ETH.

Hourly RSIThe RSI of ETH/USD currently lies in the overbought area.

Major Support Level – $1,290

Major Resistance Level – $1,335

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