Ethereum started a major increase above the $1,200 resistance against the US Dollar. ETH even climbed above $1,400 and might rise further towards $1,500.
Ethereum gained bullish momentum after there was a close above $1,250.
The price is now trading above $1,350 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $1,325 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it clears the $1,420 resistance zone.
Ethereum Price Gains Pace
Ethereum moved into a positive zone after there was a close above the $1,200 and $1,250 levels. ETH cleared the $1,320 resistance zone to move further into a positive zone.
The price gained pace and even climbed above the $1,400 level. It traded as high as $1,420 and settled well above the 100 hourly simple moving average. Ether price is now consolidating gains near the $1,400 level. It is also trading well above the 23.6% Fib retracement level of the recent rally from the $1,196 swing low to $1,420 high.
Besides, there is a major bullish trend line forming with support near $1,325 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,420 level.
Source: ETHUSD on TradingView.com
The first major resistance is near the $1,450 zone. A clear move above the $1,450 level could send the price higher. The next key barrier is near the $1,500 level, above which the price gain more bullish strength. In the stated case, the price could rise towards the $1,580 resistance zone.
Dips Limited in ETH?
If ethereum fails to rise above the $1,450 resistance, it could start a downside correction. An initial support on the downside is near the $1,380 zone. The next major support is near the $1,350 zone and the trend line.
The main support sits near the $1,300 zone or the 50% Fib retracement level of the recent rally from the $1,196 swing low to $1,420 high. A downside break below the $1,300 support may perhaps spark another decline. In the stated case, the price could drop toward the $1,250 level, below which the bears might 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
