Ethereum started a major rise above the $1,200 resistance against the US Dollar. ETH even climbed above $1,400 and could rise further towards $1,500.
- Ethereum gained bullish momentum after closing above $1,250.
- The price is now trading above $1,350 and the 100 hourly simple moving average.
- A major bullish trend line is forming with support near $1,325 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might continue higher if it breaks through the $1,420 resistance zone.
Ethereum price is accelerating
Ethereum has moved into a positive area after that there was a close above the $1,200 and $1,250 levels. ETH broke through the $1,320 resistance zone to move further into a positive zone.
The price accelerated and even broke above the $1,400 level. It traded as high as $1,420 and settled well above the 100 hour simple moving average. Ether price is now consolidating its gains near the $1,400 level. It is also trading well above the 23.6% Fib retracement level of the recent rally from a low of $1,196 to a high of $1,420.
Additionally, a major bullish trend line is forming with support near $1,325 on the hourly chart of ETH/USD. An immediate upside resistance is near the $1,420 level.
Source: ETHUSD on TradingView.com
The first major resistance is seen near the $1,450 area. A clear move above the $1,450 level could push the price higher. The next key barrier is near the $1,500 level, above which the price is gaining bullish strength. In the indicated case, the price could rise towards the resistance zone of $1,580.
Dips Limited in ETH?
If Ethereum fails to break above the $1,450 resistance, it could trigger a downward correction. An initial downside support is seen near the $1,380 area. The next major support is near the $1,350 area and the trendline.
The main support is near the $1,300 area or the 50% Fib retracement level of the recent rally from the $1,196 low to $1,420 high. A break down below the $1,300 support could perhaps trigger another decline. In the indicated case, the price could fall towards the $1,250 level, below which the bears could gain strength.
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 60 level.
Major Support Level – $1,350
Major resistance level – $1,450