June 15, 2021

Ethereum Could Outperform Bitcoin, Why ETH Could Rally To $1,500

2 min read

Ethereum remains in a range above the $1,300 support versus the United States Dollar. ETH price is most likely to get momentum above $1,400 and $1,450 resistance levels in the near term.

  • ETH rate traded as high as $1,438 and prior to it remedied lower against the United States Dollar.
  • The cost is combining above the $1,320 support level and the 100 simple moving average (4-hours).
  • There is an essential bullish pattern line forming with assistance near $1,295 on the 4-hours chart of ETH/USD (data feed through Kraken).
  • The pair is most likely to accelerate higher after it breaches the $1,400 and $1,430 resistance levels.

Ethereum’s Ether Signaling Fresh Rally

This previous week, bitcoin and ethereum saw a consistent boost above $1,300 and $35,000 respectively against the United States Dollar. BTC cut all its gains, whereas ETH remained well bid above the $1,300 support zone.

The current high was formed near $1,438 prior to the price remedied lower. There was a break below the $1,380 assistance level. Ether rate even traded below the 23.6% Fib retracement level of the upward move from the $1,207 swing low to $1,438 high.

Ethereum

Source: ETHUSD on TradingView.com However, the cost is combining above the $1,320 support level and the 100 basic moving typical (4-hours). There is also an essential bullish trend line forming with support near $1,295 on the 4-hours chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $1,207 swing low to $1,438 high.

On the benefit, the price is dealing with hurdles near the $1,400 and $1,430 levels. An effective break above the $1,400 and $1,430 resistance levels could open the doors for a sharp boost in the coming sessions. In the specified case, the price might evaluate the $1,500 resistance zone.

Dips Supported in Ether (ETH)?

If Ethereum stops working to clear the $1,400 and $1,430 resistance levels, it could begin a drawback correction. The first essential support on the downside is near the $1,300 level and the pattern line.

A disadvantage break below the trend line assistance might possibly call for a test of the $1,260 assistance level and the 100 basic moving average (4-hours). Anymore losses might lead ether price towards the $1,200 support zone.

Technical Indicators

4 hours MACD –-- The MACD for ETH/USD is gradually losing momentum in the bullish zone.

4 hours RSI –-- The RSI for ETH/USD is simply above the 50 level.

Significant Support Level –-- $1,300

Major Resistance Level –-- $1,430