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Ethereum

Ethereum Price Aim Big After Recent Breakout Above $1,300

Aayush Jindal by Aayush Jindal
6 months ago
in ETH
Reading Time: 2 mins read

Ethereum gained pace for a move above the $1,300 resistance against the US Dollar. ETH is consolidating gains and might eye a fresh increase in the near term.

  • Ethereum was able to clear the $1,280 and $1,300 resistance levels.
  • The price is now trading above $1,280 and the 100 hourly simple moving average.
  • There was a break above a key contracting triangle with resistance near $1,275 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but the bulls might be active near $1,280 and $1,270.

Ethereum Price Breaks Hurdle

Ethereum price remained well bid above the $1,240 support zone. ETH formed a base above the $1,250 level and the 100 hourly simple moving average.

There was a strong increase above the $1,280 resistance after the US CPI release, similar to bitcoin. Besides, there was a break above a key contracting triangle with resistance near $1,275 on the hourly chart of ETH/USD. The pair even cleared the $1,300 resistance zone.

Ether price traded as high as $1,349 before the bears appeared. Recently, there was a downside correction below the $1,320 level. The price declined below the 23.6% Fib retracement level of the recent wave from the $1,240 swing low to $1,349 high.

However, the bulls were active near the $1,300 support zone. It also stayed well above the 50% Fib retracement level of the recent wave from the $1,240 swing low to $1,349 high.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $1,325 level. The first major resistance is near the $1,345 and $1,350 levels. A close above the $1,350 resistance might start a fresh increase. The next major resistance could be $1,400. Any more gains might send the price towards the $1,500 resistance zone.

Dips Limited in ETH?

If ethereum fails to climb above the $1,350 resistance, it could start another downside correction. An initial support on the downside is near the $1,295 level.

The next major support is near the $1,280 level and the 100 hourly simple moving average, below which the price could even retest the $1,260 support. Any more losses could lead the price towards the $1,245 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

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

Major Support Level – $1,280

Major Resistance Level – $1,350

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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