HomeAltcoin NewsEthereum Price Analysis: ETH Breaks Key Hurdle, Aims New ATH

Ethereum Price Analysis: ETH Breaks Key Hurdle, Aims New ATH

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  • Ethereum price gained bullish momentum and cleared the $1,250 resistance against the US Dollar.
  • ETH price is currently trading well above $1,300 and the 55 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $1,250 on the 4-hours chart (data feed from Coinbase).
  • The pair is eyeing an upside break above the $1,380 and $1,400 resistance levels.

Ethereum price is trading in a bullish zone above $1,250 against the US Dollar. ETH/USD is likely to accelerate higher above $1,350 and $1,400 in the coming sessions.

Ethereum Price Analysis

In the past few days, Ethereum started a steady increase from the $904 swing low against the US Dollar. ETH price broke a couple of important hurdles near $1,120 and $1,150. The bulls remained in action, resulting in a push above the $1,200 level and the 55 simple moving average (4-hours).

The price traded above the 76.4% Fib retracement level of the downside correction from the $1,350 high to $904 low. Finally, there was a break above a major contracting triangle with resistance near $1,250 on the 4-hours chart.

The price is clearly trading nicely above a couple of key hurdles near $1,250 and $1,300. It seems like the price may soon clear the $1,350 zone and continue higher. In the stated case, the next stop for the bulls could be near the $1,400 level.

The next key resistance could be $1,450. It is close to the 1.236 Fib extension level of the downside correction from the $1,350 high to $904 low. Any more gains could lead the price above the $1,500 level.

If there is a downside correction, an initial support is near the $1,300 level. The first key support is near the $1,250 level and the broken triangle resistance. Any more losses might call for a test of the $1,180 level and the 55 simple moving average (4-hours).

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a strong uptrend above $1,250 and the 55 simple moving average (4-hours). Overall, ether price seems to be eyeing an upside break above the $1,380 and $1,400 resistance levels in the coming sessions.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 50 level.

Key Support Levels – $1,250, followed by the $1,180 zone.

Key Resistance Levels – $1,350 and $1,450.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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