More

    TA: Ethereum Price Looks Ready For Another Leg Higher Over $1,500: Here’s Why


    Ethereum is showing positive signs above the $1,350 resistance zone against the US Dollar. ETH could gain bullish momentum if there is a clear move above the $1,400 resistance.

    • Ethereum is gaining pace and recently traded above the $1,375 level.
    • The price is now trading above $1,350 and the 100 hourly simple moving average.
    • There was a break above a major bearish trend line with resistance near $1,355 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could continue to rise if there is a clear move above the $1,400 resistance.

    Ethereum Price Remains Supported

    Ethereum remained well bid above the $1,300 and $1,310 levels. ETH formed a base above the $1,320 level and started a fresh increase above the $1,3330 level.

    There was a steady increase above the $1,350 resistance level and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $1,355 on the hourly chart of ETH/USD. The pair even climbed above the $1,375 resistance zone.

    A high was formed near $1,385 and the price is now consolidating gains. Ether price is trading above $1,350 and the 100 hourly simple moving average.

    It is now trading near the 23.6% Fib retracement level of the upward move from the $1,316 swing low to $1,385 high. On the upside, the price is facing resistance near the $1,385 zone. The first major resistance is seen near the $1,400 level.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    A clear break above $1,400 might start a steady increase towards the $1,450 level. The next major resistance could be near the $1,500 level, above which the price could gain bullish momentum. In the stated case, the price may perhaps rise towards the $1,550 level.

    Dips Supported in ETH?

    If ethereum fails to climb above the $1,400 resistance, it could start a downside correction. An initial support on the downside is near the $1,365 level.

    The next major support is near the $1,350 level. It is near the 50% Fib retracement level of the upward move from the $1,316 swing low to $1,385 high. A downside break below the $1,350 level might send the price towards the $1,320 support.

    Technical Indicators

    Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

    Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

    Major Support Level – $1,350

    Major Resistance Level – $1,400



    Source link

    Latest stories

    - Advertisement -

    You might also like...