Ethereum cleared the key $1,350 resistance zone against the US Dollar. ETH is rising and might climb further higher towards the $1,500 resistance zone.
- Ethereum is slowly moving higher and trading above the $1,350 level.
- The price is now trading above $1,350 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if there is a clear move above the $1,370 resistance.
Ethereum Price Eyes More Upsides
Ethereum formed a support base above the $1,250 level. ETH remained strong and started a steady increase above the $1,300 level. The price was able to clear the $1,320 resistance zone and the 100 hourly simple moving average.
There was also a move above the $1,350 level. It traded as high as $1,369 and is currently consolidating gains. Ether price is now trading above $1,350 and the 100 hourly simple moving average. The price is also trading above the 23.6% Fib retracement level of the upward move from the $1,268 swing low to $1,369 high.
Besides, there is a major bullish trend line forming with support near $1,350 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,370 zone.
Source: ETHUSD on TradingView.com
A clear break above $1,370 might start another increase towards the $1,400 level. If the bulls remain in action, the price could rise towards the $1,450 level. Any more gains may perhaps open the doors for a move towards the $1,500 resistance zone. The next major resistance sits near the $1,550 level.
Dips Limited in ETH?
If ethereum fails to climb above the $1,360 resistance, it could start a downside correction. An initial support on the downside is near the $1,350 level and the trend line.
The next major support is near the $1,320 level. It is near the 50% Fib retracement level of the upward move from the $1,268 swing low to $1,369 high. A downside break below the $1,320 level might send the price towards the $1,275 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $1,320
Major Resistance Level – $1,370
