- Ethereum price started a decent increase 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 major bearish trend line with resistance near $1,310 on the 4-hours chart (data feed from Coinbase).
- The pair could rally further if it clears the $1,400 resistance zone.
Ethereum price is rising above the $1,300 level against the US Dollar. ETH/USD could rise further if it clears the $1,400 resistance zone.
Ethereum Price Analysis
This week, ethereum saw a fresh increase from the $1,200 zone against the US Dollar. ETH price was able to clear the $1,280 and $1,300 resistance levels to move into a positive zone.
The price even jumped above the $1,320 level and the 55 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance near $1,310 on the 4-hours chart. The price even cleared the 23.6% Fib retracement level of the downward move from the $1,789 swing high to $1,220 low.
The price is now facing sellers near the $1,390 and $1,400 levels. An immediate resistance is near the $1,400 level, above which the price could rise towards the $1,500 level.
It is near the 50% Fib retracement level of the downward move from the $1,789 swing high to $1,220 low. The next major resistance is near the $1,570 zone or $1,600.
Any more gains could even send the price towards the $1.800 resistance zone. On the downside, an initial support is near the $1,355 level. The next major support is now near the $1,325 level and the 55 simple moving average (4-hours).
A break below the $1,325 support could push the price to $1,300. Any more losses could lead the price towards $1,270, 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.
