Ethereum rose above the $1,400 resistance zone against the US Dollar. ETH is consolidating gains and could rally further towards the $1,500 level.
- Ethereum started a fresh rise above the $1350 and $1400 resistance levels.
- The price is now trading above $1,400 and the 100 hourly simple moving average.
- A major uptrend line is forming with support near $1,365 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could go higher unless there is a clear move below the $1350 support.
Ethereum price turns green
Ethereum price started a strong rise above the $1320 resistance. ETH was able to clear the $1,350 resistance zone to move into a positive zone, similar to Bitcoin above $17,200.
The price even broke above the $1,400 resistance zone. A high is formed near $1,437 and the price is now consolidating gains. Ether price is now trading above $1,400 and the 100 hourly simple moving average. There is also a major uptrend line forming with support near $1,365 on the hourly chart of ETH/USD.
Recently, there was a correction to the downside below the $1420 level. The price dipped below the 23.6% Fibonacci retracement level of the up move from the $1351 low to $1437 high.
However, the price is holding steady near the $1400 zone. An immediate resistance is near the $1,435 level. The next major resistance is near the $1,500 level. A bullish break above the $1,500 resistance zone could set the pace for more gains.
Font: ETHUSD on TradingView.com
In the indicated case, the price perhaps rises towards the $1,550 resistance. More gains could send the price to $1,600 or even $1,620 in the near term.
Dips supported on ETH?
If ethereum fails to clear the $1,430 resistance, a correction to the downside could begin. An initial support on the downside is near the $1,394 level.
The next big support is near the $1370 level and the trend line. It is close to the 76.4% Fibonacci retracement level of the up move from the $1351 low to $1437 high. If there is a move below $1,370, the price could test the support at $1,350. Further losses could require a test of the $1,300 area.
technical indicators
MACD per hour – The MACD for ETH/USD is now losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level: $1,370
Highest Resistance Level: $1,430
