- 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.
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.