- 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 was a break above a key bearish trend line with resistance near $1,290 on the 4-hours chart (data feed from Coinbase).
- The pair could climb further if it clears the $1,340 resistance zone.
Ethereum price is rising above the $1,300 level against the US Dollar. ETH/USD could rise further if it clears the $1,340 resistance zone.
Ethereum Price Analysis
This past week, ethereum saw a sharp decline below the $1,300 level against the US Dollar. ETH price even declined below the $1,260 support level and the 55 simple moving average (4-hours).
It traded as low as $1,190 before the bulls appeared. Recently, the price started a fresh increase above the $1,260 resistance zone. There was a move above the 50% Fib retracement level of the downward move from the $1,384 swing high to $1,190 low.
The price is now trading above $1,300 and the 55 simple moving average (4-hours). It is now facing sellers near the $1,335 and $1,340 levels. It is near the 76.4% Fib retracement level of the downward move from the $1,384 swing high to $1,190 low.
The next major resistance is near the $1,380 zone or $1,400. Any more gains could even send the price towards the $1,500 resistance zone in the near term or the 1.618 Fib extension level of the downward move from the $1,384 swing high to $1,190 low.
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 $1,260 level. A break below the $1,260 support could push the price to $1,200. Any more losses could lead the price towards $1,150, below which there is a risk of a larger decline in the coming days.
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 climb 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 – $1,300, followed by the $1,260 zone.
Key Resistance$ Levels – $1,340 and $1,400.
