Ethereum remains in an area above the USD 1,300 support against the US dollar. ETH price is likely to gain resistance above $ 1,400 and $ 1,450 in the near future.
- The ETH price was quoted at USD 1,438 and previously corrected against the US dollar.
- The price is consolidating above the support level of $ 1,320 and the simple moving average of 100 (4 hours).
- A major bullish trendline is forming on the 4-hour chart of ETH / USD (data feed via Kraken) with support near USD 1,295.
- The pair is likely to accelerate higher after breaking the $ 1,400 and $ 1,430 resistance levels.
Ethereum’s Ether Signaling Fresh Rally
For the past week, Bitcoin and Ethereum have steadily surged against the US dollar above $ 1,300 and $ 35,000, respectively. BTC trimmed all gains while ETH remained well bid above the USD 1,300 support zone.
The recent high was made near $ 1,438 before the price was corrected lower. There was a pause below the $ 1,380 support level. Ether price even traded below the 23.6% fib retracement level of the uptrend from the low of $ 1,207 to the high of $ 1,438.
Source: ETHUSD on TradingView.com
However, the price is consolidating above the support level of $ 1,320 and the simple moving average of 100 (4 hours). A major bullish trendline is also forming on the 4-hour chart of ETH / USD with support near USD 1,295. The trendline is close to the 50% Fib retracement level of the move up from the low of $ 1,207 to the high of $ 1,438.
On the upside, the price is facing hurdles near the USD 1,400 and USD 1,430 levels. A successful break above the USD 1,400 and USD 1,430 resistance levels could open the doors for a sharp rise in the upcoming sessions. In the stated case, the price could test the USD 1,500 resistance zone.
Dips supported in Ether (ETH)?
If Ethereum fails to hit the USD 1,400 and USD 1,430 resistance levels, a downside correction could be initiated. The first major support on the downside is near the USD 1,300 level and the trend line.
A downward break below trendline support may require a test of the support level of $ 1,260 and the simple moving average of $ 100 (4 hours). Further losses could push the ether price towards the USD 1,200 support zone.
4 hours MACD – The MACD for ETH / USD is slowly losing momentum in the bullish zone.
4 hour RSI – The RSI for ETH / USD is just above the 50 level.
Main support tier – $ 1,300
Main Resistance Level – $ 1,430