Ethereum is displaying constructive indicators above the $1,350 resistance zone towards the US Dollar. ETH may acquire bullish momentum if there’s a clear transfer above the $1,400 resistance.
- Ethereum is gaining tempo and lately traded above the $1,375 stage.
- The worth is now buying and selling above $1,350 and the 100 hourly easy shifting common.
- There was a break above a serious bearish pattern line with resistance close to $1,355 on the hourly chart of ETH/USD (information feed through Kraken).
- The pair may proceed to rise if there’s a clear transfer above the $1,400 resistance.
Ethereum Price Remains Supported
Ethereum remained well bid above the $1,300 and $1,310 ranges. ETH shaped a base above the $1,320 stage and began a recent enhance above the $1,3330 stage.
There was a gradual enhance above the $1,350 resistance stage and the 100 hourly simple moving average. Besides, there was a break above a serious bearish pattern line with resistance close to $1,355 on the hourly chart of ETH/USD. The pair even climbed above the $1,375 resistance zone.
A excessive was shaped close to $1,385 and the worth is now consolidating good points. Ether worth is buying and selling above $1,350 and the 100 hourly easy shifting common.
It is now buying and selling close to the 23.6% Fib retracement stage of the upward transfer from the $1,316 swing low to $1,385 excessive. On the upside, the worth is dealing with resistance close to the $1,385 zone. The first main resistance is seen close to the $1,400 stage.
Source: ETHUSD on TradingView.com
A transparent break above $1,400 may begin a gradual enhance in direction of the $1,450 stage. The subsequent main resistance may very well be close to the $1,500 stage, above which the worth may acquire bullish momentum. In the acknowledged case, the worth could maybe rise in direction of the $1,550 stage.
Dips Supported in ETH?
If ethereum fails to climb above the $1,400 resistance, it may begin a draw back correction. An preliminary assist on the draw back is close to the $1,365 stage.
The subsequent main assist is close to the $1,350 stage. It is close to the 50% Fib retracement stage of the upward transfer from the $1,316 swing low to $1,385 excessive. A draw back break beneath the $1,350 stage may ship the worth in direction of the $1,320 assist.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum within the bullish zone.
Hourly RSI – The RSI for ETH/USD is now properly above the 50 stage.
Major Support Level – $1,350
Major Resistance Level – $1,400
