• Ethereum price is struggling to clear the $1,440 and $1,450 resistance levels against the US Dollar.
  • ETH price is currently showing positive signs above $1,300 and the 55 simple moving average (4-hours).
  • There is a major ascending triangle pattern forming with resistance near $1,440 on the 4-hours chart (data feed from Coinbase).
  • The pair could eye a fresh rally above the $1,440 and $1,450 resistance levels.

Ethereum price is trading in a bullish zone above $1,300 against the US Dollar. ETH/USD is likely to start a nasty upward move once it clears the $1,450 resistance zone.

Ethereum Price Analysis

In the past few days, Ethereum traded below the $1,440 and $1,450 resistance levels against the US Dollar. ETH price corrected on a few occasions and even traded below the $1,300 level.

The recent swing low was formed near $1,260 and the price is currently rising. There was a break above the $1,300 and $1,320 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $1,443 high to $1,260 low.

The price is now showing positive signs above $1,300 and the 55 simple moving average (4-hours). There is also a major ascending triangle pattern forming with resistance near $1,440 on the 4-hours chart.

On the upside, an immediate resistance is near the $1,400 level. It is close to the 76.4% Fib retracement level of the downward move from the $1,443 high to $1,260 low. The main resistance is still near the $1,440 and $1,450 levels.

If there is a clear break above the triangle resistance, there are high chances of a strong surge above $1,480 and $1,500. In the stated case, the price is likely to accelerate higher above the $1,550 and $1,560 levels in the near term.

On the downside, the $1,320 level and the 55 simple moving average (4-hours) are initial support zones. The main support is near the triangle lower trend line at $1,300, below which there is a risk of a larger decline.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a positive zone above $1,300 and the 55 simple moving average (4-hours). Overall, ether price could eye a fresh rally above the $1,440 and $1,450 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 well above the 50 level.

Key Support Levels – $1,320, followed by the $1,300 zone.

Key Resistance Levels – $1,400 and $1,450.

Tags: ,

Leave a Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.