Ethereum Starts Fresh Increase, Why ETH Could Surge To $1,500

0
91

Ethereum saw a fresh surge above $ 1,300 against the US dollar. The ETH price is showing positive signs and should continue to rise towards USD 1,400 and USD 1,500.

  • ETH price is gaining bullish above the USD 1,250 resistance level against the US dollar.
  • The price is likely to face hurdles near $ 1,380 but is well above the simple moving average of 100 (4 hours).
  • The ETH / USD 4 hour chart (data feed via Kraken) broke above a large bearish trendline with resistance near USD 1,265.
  • The pair is likely to continue rising towards $ 1,400 and $ 1,500 in the upcoming sessions.

Ethereum’s Ether signals more advantages

Over the past week, Bitcoin and Ethereum saw another decline against the US dollar, below $ 1,200 and $ 35,000, respectively. The ETH price even fell below $ 1,100 but remained stable above $ 1,000.

A low was formed near $ 1,042 before the price rose again. There was a strong closing price above $ 1,200 and the 100 simple moving average (4 hours).

There was also a break above the 50% fib retracement level of the downward move from $ 1,440 to $ 1,042. There was a break above a large bearish trendline on the 4-hour chart of ETH / USD with resistance near USD 1,265.

Source: ETHUSD on TradingView.com

Ether price is now approaching the USD 1,345 resistance zone. It is close to the 76.4% Fib retracement level of the downward move from the $ 1,440 swing high to the $ 1,042 low.

A sharp break above the $ 1,345 level could open the doors for a renewed spike above the $ 1,400 resistance zone. In the case mentioned, the price could continue to rise towards USD 1,500. The next major resistance is near the $ 1,530 level.

Dips supported in Ether (ETH)?

If Ethereum fails to hit the $ 1,345 and $ 1,380 resistance levels, a downside correction could be initiated. The first major support on the downside is near the USD 1,240 level.

The main support is forming near the USD 1,180 level (the most recent breakout zone) and the 100 simple moving average (4 hours). Further losses could push the ether price towards the USD 1,080 support zone.

Technical indicators

4 hours MACD – The MACD for ETH / USD is now gaining momentum in the bullish zone.

4 hour RSI – The RSI for ETH / USD is well above the 50 level.

Main support tier – $ 1,240

Main Resistance Level – $ 1,380