Ethereum rose above the $1,350 resistance zone against the US Dollar. ETH tested the $1,420 zone and is currently consolidating gains.
- Ethereum started a steady rise above the $1320 and $1350 resistance levels.
- The price is now trading above $1,350 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support near $1,345 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another rally if it sustains above the $1320 support zone.
Ethereum Price Breaks $1,400
Ethereum price remained well-bid above the $1,300 resistance. ETH established above the $1,320 resistance zone and started another rally, similar to Bitcoin above $17,500.
There was a strong bullish move above the $1,350 resistance zone. The price gained more than 5% and even broke the $1400 resistance zone. A high is formed near $1,419 and the price is now consolidating gains. Ether price is now trading above $1,350 and the 100 hourly simple moving average.
There is also a connecting bullish trend line forming with support near $1,345 on the hourly chart of ETH/USD. The pair appears to be trading just above the 23.6% Fibonacci retracement level of the recent rally from the $1,322 low to $1,419 high.
An immediate resistance is near the $1,420 level. The next major resistance is near the $1,450 level. A bullish break above the $1,450 resistance zone could set the pace for a higher rise.
Font: ETHUSD on TradingView.com
In the indicated case, the price perhaps goes higher towards the $1,500 resistance. More gains could send the price to $1,550, above which the price could rally towards the $1,600 resistance zone.
Limited losses in ETH?
If ethereum fails to clear the $1,420 resistance, a correction to the downside could begin. Initial support on the downside is near the $1,395 level.
The next major support is near the $1,370 level. It is near the 50% Fibonacci retracement level of the recent rally from the $1,322 low to $1,419 high. If there is a move below $1,350, the price could test the trend line and $1,350. Further losses could require a test of the $1,320 zone.
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 below the 50 level.
Major Support Level: $1,370
Highest Resistance Level: $1,420
