- 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).
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.
