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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ethereum Price Climbs 5% To Take Out Hurdles, Is Bottom Really In?

Mumtaz Batool
Mumtaz Batool
7 months ago
2 mins read
Ethereum

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Ethereum climbed higher above the $1,350 resistance zone against the US Dollar. ETH tested the $1,420 zone and is currently consolidating gains.

  • Ethereum started a steady increase above the $1,320 and $1,350 resistance levels.
  • The price is now trading above $1,350 and the 100 hourly simple moving average.
  • There is a connecting bullish trend line forming with support near $1,345 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another increase if it stays above the $1,320 support zone.

Ethereum Price Breaks $1,400

Ethereum price remained well bid above the $1,300 resistance. ETH settled above the $1,320 resistance zone and started another increase, similar to bitcoin above $17,500.

There was a strong upward move above the $1,350 resistance zone. The price gained over 5% and even broke the $1,400 resistance zone. A high is formed near $1,419 and the price is now consolidating gains. Ether price is now trading above $1,350 and the 100 hourly simple moving average.

There is also a connecting bullish trend line forming with support near $1,345 on the hourly chart of ETH/USD. The pair seems to be trading just above the 23.6% Fib retracement level of the recent rally from the $1,322 swing low to $1,419 high.

An immediate resistance is near the $1,420 level. The next major resistance is near the $1,450 level. An upside break above the $1,450 resistance zone could set the pace for a larger increase.

Ethereum Price Climbs 5%

Source: ETHUSD on TradingView.com

In the stated case, the price may perhaps climb higher towards the $1,500 resistance. Any more gains might send the price towards $1,550, above which the price could rise towards the $1,600 resistance zone.

Losses Limited in ETH?

If ethereum fails to clear the $1,420 resistance, it could start a downside correction. An initial support on the downside is near the $1,395 level.

The next major support is near the $1,370 level. It is near the 50% Fib retracement level of the recent rally from the $1,322 swing low to $1,419 high. If there is a move below $1,350, the price might test the trend line and $1,350. Any more losses might call for a test of the $1,320 zone.

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 below the 50 level.

Major Support Level – $1,370

Major Resistance Level – $1,420

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Mumtaz Batool
Mumtaz Batool

Mumtaz Batool

Mamtaz Batool is a finance and cryptocurrency enthusiast who has been writing about Bitcoin and the blockchain since 2022. She is an author at Bitcoinist and NewsBTC, and she also runs his blog, where he writes about all things related to crypto and finance.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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