- Ethereum price is gaining pace above the $1,300 level against the US Dollar.
- ETH price is now trading above $1,320 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $1,320 on the 4-hours chart (data feed from Coinbase).
- The pair could climb further if it clears the $1,370 resistance zone.
Ethereum price is rising above the $1,320 level against the US Dollar. ETH/USD could rise further if it clears the $1,370 resistance zone.
Ethereum Price Analysis
This past week, ethereum saw a fresh decline below the $1,300 level against the US Dollar. ETH price even declined below the $1,280 support level and the 55 simple moving average (4-hours).
It traded as low as $1,254 before the bulls appeared. Recently, the price started a fresh increase above the $1,300 resistance zone. There was a break above a major bearish trend line with resistance near $1,320 on the 4-hours chart.
The price is now trading above $1,320 and the 55 simple moving average (4-hours). It even cleared the $1,350 level and traded as high as $1,370.
The price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $1,254 swing low to $1,370 high. It is now facing sellers near the $1,360 and $1,370 levels. The next major resistance is near the $1,400 zone.
Any more gains could even send the price towards the $1,500 resistance zone in the near term. On the downside, an initial support is near the $1,320 level and the 55 simple moving average (4-hours).
The next major support is now near the $1,300 level. It is close to the 50% Fib retracement level of the upward move from the $1,254 swing low to $1,370 high. A break below the $1,300 support could push the price to $1,250. Any more losses could lead the price towards $1,200, below which there is a risk of a larger decline in the coming days.
Looking at the chart, Ethereum price is clearly trading above the $1,320 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it clears the $1,370 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $1,320, followed by the $1,300 zone.
Key Resistance$ Levels – $1,370 and $1,400.
