- Ethereum price traded to a new all-time high at $1,478 before correcting lower against the US Dollar.
- ETH price is currently testing the $1,330 support and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $1,200 on the 4-hours chart (data feed from Coinbase).
- The pair could eye a fresh increase above the $1,400 and $1,450 resistance levels.
Ethereum price is trading in a bullish zone above $1,200 against the US Dollar. ETH/USD is likely to make another attempt to test the $1,500 level in the coming sessions.
Ethereum Price Analysis
In the past few sessions, Ethereum saw a strong increase above the $1,200 pivot level against the US Dollar. ETH price broke a few major hurdles near $1,300 and $1,350 to move further into a positive zone.
The price even broke the $1,400 level and settled above the 55 simple moving average (4-hours). Finally, the price traded to a new all-time high at $1,478 before correcting lower. It broke the $1,400 and $1,380 support levels.
There was break below the 23.6% Fib retracement level of the upward move from the $1,039 swing low to $1,478 high. However, the price is holding gains above $1,300. It is currently testing the $1,330 support and the 55 simple moving average (4-hours).
There is also a key bullish trend line forming with support near $1,200 on the 4-hours chart. An intermediate support is near the $1,258 level since it is close to the 50% Fib retracement level of the upward move from the $1,039 swing low to $1,478 high.
On the upside, the $1,380 and $1,400 levels are immediate hurdles. A clear break above the $1,400 level will most likely increase the chances of a break towards the $1,480 and $1,500 resistance levels in the near term. The next major resistance sits near the $1,550 level.
Looking at the chart, Ethereum price is clearly trading in a positive zone above $1,250 and the 55 simple moving average (4-hours). Overall, ether price could eye a fresh increase above the $1,400 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 still above the 50 level.
Key Support Levels – $1,280, followed by the $1,200 zone.
Key Resistance Levels – $1,400 and $1,450.
