Ethereum broke the USD 1,200 resistance to enter a bullish zone against the US dollar. ETH price is showing positive signs and should continue to climb above $ 1,300 and $ 1,400.
- The ETH price is gaining bullish momentum above the pivot level of USD 1,200 against the US dollar.
- The price faces hurdles near $ 1,280 but is well above the simple moving average of 100 (4 hours).
- There was a break above a large contraction triangle with resistance near USD 1,215 on the ETH / USD 4-hour chart (data feed via Kraken).
- The pair is likely to continue rising towards $ 1,400 and $ 1,500 in the coming days.
The ether of Ethereum could continue to recover
For the past week, Bitcoin and Ethereum rose again against the US dollar by over $ 1,150 and $ 35,000, respectively. ETH price even crossed the USD 1,200 resistance zone and was well above the simple moving average of 100 (4 hours).
The uptrend was such that there was a break above a large contraction triangle with resistance near USD 1,215 on the 4 hour chart of ETH / USD. Ether price traded as low as $ 1,292 before correcting lower.
There was a pause below the $ 1,240 level. The price was below the 23.6% fib retracement level of its recent spike from $ 1,066 to $ 1,292. However, the broken triangle resistance acts as strong support near the $ 1,200 zone.
Source: ETHUSD on TradingView.com
The next big support is near the $ 1,180 level. It is close to the 50% fib retracement level of the recent spike from $ 1,066 to $ 1,292.
On the upside, the price is facing short-term resistance near the $ 1,280 level. A sharp break above the $ 1,280 and $ 1,300 resistance levels could open the doors to a bigger move higher. In the case mentioned, the ether price could even exceed USD 1,400 and rise to a new all-time high in the short term.
Dips supported in Ether (ETH)?
If Ethereum fails to hit the USD 1,280 and USD 1,300 resistance levels, a downward correction could be initiated. The first major support on the downside is near the USD 1,180 level.
The main support is forming near the USD 1,150 level (the most recent breakout zone). Further losses could move the price towards USD 1,050 and the simple moving average of 100 (4 hours).
4 hours MACD – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
4 hour RSI – The RSI for ETH / USD is well above the 50 level.
Main support tier – $ 1,180
Main Resistance Level – $ 1,280