Ethereum gained 15% and was trading at a new all-time high near $ 1,475 against the US dollar. The ETH price is currently correcting lower, but should continue to offer well over USD 1,350.
- Ethereum started a new surge above the USD 1,350 and USD 1,400 resistance levels.
- The price was $ 1,476, which is now well above the 100-hour simple moving average.
- A major bullish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 1,360.
- The pair could correct lower but the bulls should remain active near $ 1,350 and $ 1,360.
The price for the Ethereum is gaining traction
For the past three to four sessions, Ethereum rose sharply above the USD 1,300 resistance level. ETH outperformed Bitcoin, rising above the resistance level of $ 1,400.
There was also a closing price above the $ 1,400 level and the 100 hour simple moving average. Ether was up 15% to hit a new all-time high near the $ 1,476 level. The price is currently correcting lower and trading below the $ 1,450 level.
There was a break below the 23.6% Fib retracement level of the recent rally from the $ 1,299 low of $ 1,476. Initial downside support is near the $ 1,400 level. There is also a major bullish trendline forming with support near USD 1,360 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
On the upside, the price faces hurdles near $ 1,450 and $ 1,475. The main resistance is near the $ 1,500 level. A sharp break above the USD 1,500 resistance level could open the doors for a sharp rise in the upcoming sessions. The next stop for the bulls could be $ 1,580 or $ 1,600.
Dips supported at ETH?
If Ethereum starts a downward correction, it could remain stable above the $ 1,400 level. The first major support on the downside is near the trendline and at USD 1,350.
The 50% fib retracement level of the recent rally from the $ 1,299 low at $ 1,476 is also close to the $ 1,385 level to serve as support. Therefore, the ether price should stay well bid if it drops to the USD 1,360 level.
Technical indicators
Hourly MACD – – The MACD for ETH / USD is slowly losing pace in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is currently correcting towards 60.
Main support tier – $ 1,360
Main Resistance Level – $ 1,450
