Ethereum climbed higher above the $1,350 resistance zone against the US Dollar. ETH tested the $1,420 zone and is now consolidating its gains.
- Ethereum started a sustained rise above the $1,320 and $1,350 resistance levels.
- The price is currently trading above $1,350 and the hourly simple moving average is 100.
- There is a bullish trend line connecting with support near $1,345 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start another rally if it stays above the $1,320 support zone.
Ethereum Price Breaks $1,400
Ethereum price is holding well above the $1,300 resistance. ETH settled above the $1,320 resistance zone and started another rise, similar to bitcoin above $17,500.
There is a strong upward move above the $1,350 resistance zone. The price gained more than 5% and even broke the resistance zone of $1,400. A high formed near $1,419 and the price is now consolidating gains. The price of ether is currently trading above $1,350 and the hourly simple moving average is 100.
There is also a bullish trend line connecting with support near $1,345 on the ETH/USD hourly chart. The pair seems to be trading above the 23.6% Fib retracement level of the recent rally from the $1,322 swing to the $1,419 high.
Immediate resistance is near the $1,420 level. The next major resistance is near the $1,450 level. A break above the $1,450 resistance zone could set the pace for a bigger increase.
Source: ETHUSD on TradingView.com
In that case, the price may move higher towards the $1,500 resistance. Another gain can send the price to $1,550, above which the price can rise to the resistance zone of $1,600.
Limited Losses in ETH?
If ethereum fails to clear the $1,420 resistance, it could start a downward correction. 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% Fib retracement level of the recent rally from the $1,322 swing low to the $1,419 high. If there is a move below $1,350, the price may test the trend line and $1,350. Any losses may require a test of the $1,320 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $1,370
Main Resistance Level – $1,420