Ethereum Price Is Unstoppable and Why Break Above $1,400 Seems Imminent
Ethereum is slowly moving higher above the $1,320 level against the US Dollar. ETH could gain pace above the $1,350 and $1,400 resistance levels.
- Ethereum remained strong above the $1,265 support zone and started a decent increase.
- The price is now trading above $1,320 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,315 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $1,350 resistance zone.
Ethereum Price Eyes More Gains
Ethereum formed a base above the $1,260 level and started a decent increase, similar to bitcoin price. ETH was able to climb higher above the $1,280 and $1,300 levels.
There was a break above the 50% Fib retracement level of the key drop from the $1,344 swing high to $1,262 low. Ether price is now trading above $1,320 and the 100 hourly simple moving average. It seems like the bulls are in control above the $1,320 level.
It is also trading above the 76.4% Fib retracement level of the key drop from the $1,344 swing high to $1,262 low. Besides, there is a major bullish trend line forming with support near $1,315 on the hourly chart of ETH/USD.
An immediate resistance on the upside is near the $1,340 zone or the last swing high. The first major resistance is near the $1,350 level. A clear upside break above the $1,350 resistance zone could open the doors for more gains. In the stated case, the price may perhaps rise towards the $1,400 resistance.
Source: ETHUSD on TradingView.com
The 1.618 Fib extension level of the key drop from the $1,344 swing high to $1,262 low is also near the $1,400 zone. Any more gains might send the price towards the $1,500 resistance.
Downside Break in ETH?
If ethereum fails to climb above the $1,350 resistance, it could start a fresh decline. An initial support on the downside is near the $1,315 level and the trend line.
The next major support is near the $1,300 level and the 100 hourly simple moving average. A downside break below the $1,300 zone might start a fresh decline to $1,260. Any more losses may perhaps open the gates for a move towards the $1,200 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,300
Major Resistance Level – $1,350
This article is authorized for publication, and unless the source is indicated, it is submitted by users and does not represent the position of our website. If the content involves investment suggestions, it is for reference only and not as an investment basis.
