- Ethereum price is showing positive signs above the $1,300 level against the US Dollar.
- ETH price is now trading above $1,300 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $1,365 on the 4-hours chart (data feed from Coinbase).
- The pair could rally further if it clears the $1,365 resistance zone.
Ethereum price is rising above the $1,300 level against the US Dollar. ETH/USD could rise further if it clears the $1,365 resistance zone.
Ethereum Price Analysis
This week, ethereum saw range moves above the $1,260 level against the US Dollar. ETH price remained stable and started a slow increase from the $262 low.
The price was able to climb above the $1,300 level and the 55 simple moving average (4-hours). The price cleared the 50% Fib retracement level of the downward move from the $1,373 swing high to $1,262 low. It is now trading nicely above the $1,320 level.
The price is now facing sellers near the $1,320 and $1,330 levels. An immediate resistance is near the $1,330 level. It is near the 61.8% Fib retracement level of the downward move from the $1,373 swing high to $1,262 low, above which the price could rise towards the $1,400 level.
There is also a key bearish trend line forming with resistance near $1,365 on the 4-hours chart. The next major resistance is near the $1,440 zone or $1,450. Any more gains could even send the price towards the $1,500 resistance zone in the near term.
On the downside, an initial support is near the $1,300 level and the 55 simple moving average (4-hours). The next major support is now near the $1,265 level. A break below the $1,265 support could push the price to $1,210. Any more losses could lead the price towards $1,150, below which there is a risk of a larger decline.
Looking at the chart, Ethereum price is clearly trading above the $1,300 zone and the 55 simple moving average (4-hours). Overall, ether price could rally further if it clears the $1,400 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $1,325, followed by the $1,275 zone.
Key Resistance$ Levels – $1,400 and $1,500.
