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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Ethereum Price

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

Aayush Jindal by Aayush Jindal
1 year ago
in ETH
Reading Time: 2 mins read

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

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

Major Support Level – $1,350

Major Resistance Level – $1,400

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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