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Ethereum Price

Ethereum Price Prints Bullish Signal, What Are Possible Bulls Targets

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

Ethereum gained pace and retested the $1,300 resistance zone against the US Dollar. ETH is eyeing more gains towards the $1,330 and $1,350 levels.

  • Ethereum remained well bid above the $1,240 level and resumed its increase.
  • The price is now trading above $1,250 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $1,280 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum once it settles above the $1,300 resistance zone.

Ethereum Price Gains Momentum

Ethereum price corrected lower once from the $1,300 resistance zone. ETH declined below the $1,280 support level. However, the bulls were active above the $1,240 level and the 100 hourly simple moving average, similar to bitcoin.

The price traded as low as $1,238 and recently started a fresh increase. Ether price traded above the $1,275 and $1,280 resistance levels. It cleared the 76.4% Fib retracement level of the downward move from the $1,296 swing high to $1,238 low.

Besides, there was a break above a major bearish trend line with resistance near $1,280 on the hourly chart of ETH/USD. The pair is now trading above $1,250 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,310 level. The first major resistance is near the $1,332 level. It is near the 1.618 Fib extension level of the downward move from the $1,296 swing high to $1,238 low. A close above the $1,332 resistance might send the price further higher.

Ethereum Price

The next major resistance is near the $1,350 level, above which ether price might test $1,400. Any more gains might send the price towards the $1,500 resistance zone.

Less Downsides in ETH?

If ethereum fails to start another increase above the $1,300 resistance, it could start a downside correction. An initial support on the downside is near the $1,280 level and the broken trend line.

The next major support is near the $1,265 level or the 100 hourly simple moving average. If there is a break below $1,265, the price could test the $1,240 support. Any more losses could lead the price towards the $1,200 support.

Technical Indicators

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

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

Major Support Level – $1,265

Major Resistance Level – $1,310

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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