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Ethereum

Ethereum Price Consolidate Gains and Seems Poised For Upside Break

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

Ethereum climbed higher above the $1,320 resistance zone against the US Dollar. ETH tested the $1,350 zone and is currently consolidating gains.

  • Ethereum started a decent increase above the $1,300 and $1,320 resistance levels.
  • The price is now trading above $1,320 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,295 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another increase if it stays above the $1,280 support zone.

Ethereum Price Eyes More Upsides

Ethereum price started a decent increase above the $1,300 resistance. ETH was able to settle above the $1,300 resistance zone and gained pace for a move above $1,320, similar to bitcoin above $17,000.

The bulls pushed the price towards the $1,350 resistance zone. A high was formed near $1,346 and the price is now consolidating gains. It is approaching the 23.6% Fib retracement level of the upward wave from the $1,263 swing low to $1,346 high.

Ether is now trading above $1,320 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,295 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance is near the $1,340 level. The next major resistance is near the $1,350 level. A proper close above the $1,350 resistance could another decent increase. In the stated case, the price may perhaps climb higher towards the $1,420 resistance. Any more gains might send the price towards $1,500, above which the price could rise towards the $1,650 resistance zone.

Dips Limited in ETH?

If ethereum fails to clear the $1,340 resistance, it could start a downside correction. An initial support on the downside is near the $1,320 level.

The next major support is near the $1,300 level and the trend line. It is near the 50% Fib retracement level of the upward wave from the $1,263 swing low to $1,346 high. A downside break below the trend line support might send the price towards the $1,280 support. Any more losses might call for a test of the $1,250 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 – $1,280

Major Resistance Level – $1,340

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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