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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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TA: Ethereum Surges To New ATM, Why ETH Could Rally Further Above $1,500

Aayush Jindal by Aayush Jindal
3 years ago
in ETH
Reading Time: 2 mins read

Ethereum surged 15% and it traded to a new all-time high near $1,475 against the US Dollar. ETH price is currently correcting lower, but it is likely to remain well bid above $1,350.

  • Ethereum started a fresh surge above the $1,350 and $1,400 resistance levels.
  • The price traded as high as $1,476 and it is now well above the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,360 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but the bulls are likely to remain active near $1,350 and $1,360.

Ethereum Price is Gaining Bullish Momentum

In the past 3-4 sessions, there was a strong increase in Ethereum above the $1,300 resistance level. ETH outperformed bitcoin and it rallied above the $1,400 resistance level.

There was also a close above the $1,400 level and the 100 hourly simple moving average. Ether gained 15% and it traded to a new all-time high near the $1,476 level. The price is currently correcting lower and trading below the $1,450 level.

There was a break below the 23.6% Fib retracement level of the recent rally from the $1,299 swing low $1,476 high. An initial support on the downside is near the $1,400 level. There is also is a key bullish trend line forming with support near $1,360 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the price is facing hurdles near $1,450 and $1,475. The main resistance is near the $1,500 level. A clear break above the $1,500 resistance level could open the doors for a sharp increase in the coming sessions. The next stop for the bulls could be $1,580 or $1,600.

Dips Supported in ETH?

If ethereum starts a downside correction, it could remain stable above the $1,400 level. The first major support on the downside is near the trend line and $1,350.

The 50% Fib retracement level of the recent rally from the $1,299 swing low $1,476 high is also near the $1,385 level to act as a support. Therefore, ether price is likely to remain well bid if there is a decline towards the $1,360 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 60 level.

Major Support Level – $1,360

Major Resistance Level – $1,450

Tags: ethereumethusdETHUSDT
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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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