Ethereum has risen above the $1,350 resistance zone against the US dollar. ETH tested the $1,420 zone and is now consolidating profits.
- Ethereum has begun a steady rally above the $1,320 and $1,350 resistance levels.
- The price is currently trading above $1,350 and the 100 hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a bullish trend line is forming with support near $1,345.
- The pair could start another rally if it stays above the $1,320 support zone.
Ethereum Price Drop $1,400
Ethereum price continued to bid above the $1,300 resistance.ETH settled above the $1,320 resistance zone and started another rally, as did Bitcoin above $17,500.
There was a strong rally above the $1,350 resistance zone. The price has risen more than 5% and has broken through the $1,400 resistance zone. After forming a high near $1,419, the price is solidifying its gains. Ether price is currently trading above $1,350 and the 100 hour simple moving average.
Also, the ETH/USD hourly chart has formed a bullish trendline supporting near $1,345. The pair appears to be trading just above the 23.6% Fib retracement level of the recent move from swing lows of $1,322 to highs of $1,419.
The immediate resistance is near $1,420. The next big resistance is near $1,450. A breakout of the $1,450 resistance zone could set the pace for a larger rally.
Source: ETHUSD on TradingView.com
In this case, the price could probably move higher towards the $1,500 resistance. Any further gains could send the price towards $1,550, and above that, the price could move higher towards the $1,600 resistance zone.
ETH Loss Limit?
A downward correction could start if Ethereum fails to clear the $1,420 resistance. The first support on the downside is near $1,395.
The next major support is near $1,370. This is close to the 50% Fib retracement level of the recent rally from the swing low of $1,322 to the high of $1,419. A break below $1,350 could cause the price to test the trendline and $1,350. Any further loss could require a test of the $1,320 zone.
Hourly MACD – The ETH/USD MACD is currently losing momentum in the bullish zone.
Hourly RSI – The ETH/USD RSI is currently below the 50 level.
Major Support Level – $1,370
Major Resistance Level – $1,420