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Ethereum remains in a range above the $1,300 support against the US Dollar. ETH price is likely to gain momentum above $1,400 and $1,450 resistance levels in the near term.
- ETH price traded as high as $1,438 and before it corrected lower against the US Dollar.
- The price is consolidating above the $1,320 support level and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $1,295 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to accelerate higher after it breaches the $1,400 and $1,430 resistance levels.
Ethereum’s Ether Signaling Fresh Rally
This past week, bitcoin and ethereum saw a steady increase above $1,300 and $35,000 respectively against the US Dollar. BTC trimmed all its gains, whereas ETH remained well bid above the $1,300 support zone.
The recent high was formed near $1,438 before the price corrected lower. There was a break below the $1,380 support level. Ether price even traded below the 23.6% Fib retracement level of the upward move from the $1,207 swing low to $1,438 high.
Source: ETHUSD on TradingView.com
However, the price is consolidating above the $1,320 support level and the 100 simple moving average (4-hours). There is also a key 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 upside, the price is facing hurdles near the $1,400 and $1,430 levels. A successful break above the $1,400 and $1,430 resistance levels could open the doors for a sharp increase in the coming sessions. In the stated case, the price could test the $1,500 resistance zone.
Dips Supported in Ether (ETH)?
If Ethereum fails to clear the $1,400 and $1,430 resistance levels, it could start a downside correction. The first key support on the downside is near the $1,300 level and the trend line.
A downside break below the trend line support may possibly call for a test of the $1,260 support level and the 100 simple moving average (4-hours). Any more losses could lead ether price towards the $1,200 support zone.
4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is just above the 50 level.
Major Support Level – $1,300
Major Resistance Level – $1,430
Image Credit: Refer to Source
Author: Refer to Source Aayush Jindal
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