Ethereum has risen and crossed the $1,300 resistance zone against the US dollar. ETH has consolidated its gains and may move further towards the $1,400 resistance.
- Ethereum was able to pick up the pace towards a move above the $1,275 and $1,280 resistance levels.
- The price is currently trading above $1,280 and the 100 hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a major bullish trend line has formed with support near $1,270.
- The pair can move higher if it stays above the $1,270 support zone.
Ethereum price rises by $1,300
Ethereum price has started a decent climb above $1,250. ETH picked up the pace and was able to clear the $1,275 resistance zone, similar to Bitcoin.
The price broke the $1,300 barrier and entered the bullish zone. After forming a high near $1,313, the price is consolidating its gains. Ether price clearly shows many bullish signs above $1,280 and the 100 hour simple moving average.
Also, the ETH/USD hourly chart has formed a major bullish trendline supporting near $1,270. It is well above the 23.6% Fib retracement level of the recent rally from swing lows of $1,258 to highs of $1,313.
Source: ETHUSD on TradingView.com
The immediate resistance is near $1,320. The next big resistance is near $1,340. A clear break above the $1,340 resistance could lead to further gains. In this case, the price could probably move higher towards the $1,400 resistance. The next big resistance is $1,450, above which the price could move higher towards the $1,500 resistance zone.
Are ETH dips limited?
If Ethereum fails to clear the $1,320 resistance, a short-term downward correction could begin. The first support on the downside is near $1,300.
The next major support is near $1,270 and the trendline. This is close to the 61.8% Fib retracement level of the recent rally from swing lows of $1,258 to highs of $1,313. A break below the trendline support could lead the price towards the $1,250 support.
technical indicator
Hourly MACD – The ETH/USD MACD is currently gaining momentum in the bullish zone.
Hourly RSI – The ETH/USD RSI is currently above the 50 level.
Major Support Level – $1,270
Major Resistance Level – $1,320
