Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum gained bullish momentum above $1,350 against the US Dollar. ETH price is showing positive signs and it is likely to accelerate higher above $1,400.
- Ethereum is showing a lot of positive signs above $1,320 and $1,350.
- The price is now approaching the $1,400 resistance and it is above the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $1,325 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a strong increase if it clears the $1,400 resistance zone in the near term.
Ethereum Price is Gaining Momentum
After forming a support base above $1,280, Ethereum started a fresh upward move. ETH price surpassed the $1,300 and $1,320 resistance levels to move into a positive zone.
There was also a break above a major bearish trend line with resistance near $1,325 on the hourly chart of ETH/USD. It opened the doors for a steady rise above the $1,350 level and the 100 hourly simple moving average.
Ether price traded close to the $1,400 resistance and a high is formed near $1,389. The price is currently correcting lower below $1,380. It already tested the 23.6% Fib retracement level of the recent upward move from the $1,300 swing low to $1,389 high.
Source: ETHUSD on TradingView.com
On the downside, there is a major support forming near the $1,340 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent upward move from the $1,300 swing low to $1,389 high.
On the upside, the $1,390 and $1,400 levels are initial hurdles. The current price action suggests high chances of an upside break above the $1,400 resistance. In the stated case, the price could easily drift towards the $1,450 and $1,480 levels. The next major resistance is near the $1,500 level.
Fresh Dip in ETH?
If Ethereum fails to clear the $1,390 and $1,400 resistance levels, it could correct lower. As mentioned, there is a strong support forming near the $1,340 level and the 100 hourly simple moving average.
If ether price fails to stay above the $1,340 support, there is a risk of a drop towards the $1,320 support zone and the broken trend line.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.
Major Support Level – $1,340
Major Resistance Level – $1,400
