Ethereum gained positive momentum of over $ 1,350 against the US dollar. ETH price is showing positive signs and is likely to climb above $ 1,400.
- Ethereum is showing many positive signs above $ 1,320 and $ 1,350.
- The price is now approaching the $ 1,400 resistance and is above the 100 hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke above a large bearish trendline with resistance near USD 1,325.
- The pair could see a sharp rise if it clears the $ 1,400 resistance zone in the short term.
The price for the Ethereum is gaining momentum
After Ethereum established a support base above $ 1,280, it started a new uptrend. ETH price topped the $ 1,300 and $ 1,320 resistance levels to enter a positive zone.
There was also a break above a large bearish trendline with resistance near USD 1,325 on the ETH / USD hourly chart. It opened the doors to a steady rise above the $ 1,350 level and the 100 hour simple moving average.
Ether price has been trading near the $ 1,400 resistance and a high is being formed near $ 1,389. The price is currently correcting below $ 1,380. It has already tested the 23.6% fib retracement level of the recent move up from the low of $ 1,300 to the high of $ 1,389.
Source: ETHUSD on TradingView.com
On the flip side, there is great support near the $ 1,340 level and the 100-hour simple moving average. It is close to the 50% Fib retracement level of the recent move up from the low of $ 1,300 to the high of $ 1,389.
On the upside, the $ 1,390 and $ 1,400 levels are initial hurdles. The current price action suggests high opportunities for an uptrend above the USD 1,400 resistance. In that case, the price could drift slightly towards the USD 1,450 and USD 1,480 levels. The next major resistance is near the $ 1,500 level.
Fresh bath at ETH?
If Ethereum fails to hit the $ 1,390 and $ 1,400 resistance levels, it could correct lower. As mentioned, there is strong support near the $ 1,340 level and the 100-hour simple moving average.
Unless the ether price stays above the USD 1,340 support, there is a risk of falling towards the USD 1,320 support zone and the broken trendline.
Hourly MACD – – The MACD for ETH / USD is now gaining pace in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is currently well above the 50 level.
Main support tier – $ 1,340
Main Resistance Level – $ 1,400