Ethereum settled nicely above $ 1,000 to start a fresh rise against the US dollar. ETH price broke the USD 1,275 resistance to open the doors for a push towards USD 1,420.
- ETH price gained momentum after it broke the USD 1,000 resistance against the US dollar.
- The price is up more than 25% and it is trading nicely above USD 1,300 and the 100 simple moving average (4 hours).
- There was a break above a key contracting triangle with resistance near USD 1,240 on the ETH / USD 4-hour chart (data feed via Kraken).
- The pair is likely to stay higher towards USD 1,420 and USD 1,500 in the coming sessions.
Ethereum’s Ether starts over
Last week bitcoin and ethereum saw significant gains of more than $ 1,000 and $ 230,000, respectively, against the US dollar. The ETH price even surpassed the USD 1,110 resistance zone and came well above the simple 100 (4 hours) moving average.
Ether price tested the $ 1,290 zone and recently started consolidating profits. There was a small decline, but the dips remained well above the USD 1,190 level. A swing low formed near USD 1,065 before the price started a fresh rise.
It broke the USD 1,200 level to return to a positive zone. There was also a break above a major contracting triangle with resistance at USD 1,240 on the ETH / USD 4-hour chart.
Source: ETHUSD on TradingView.com
It accelerated gains and the price even broke the USD 1,300 level. Ether price tested the $ 1,340 zone. It is close to the 1,236 Fib extension level of the downward move from the $ 1,290 swing high to $ 1,065 low. It looks like the price could continue to climb towards the USD 1,400 level.
The 1,618 Fib expansion level of the downward move from the $ 1,290 swing high to $ 1,065 low is at $ 1,428 and is acting as a major resistance for the bulls.
Dips supported in Ether (ETH)?
If Ethereum didn’t clear the USD 1,340 and USD 1,400 resistance levels, it could start a downside correction. An initial support is near the USD 1,275 level (the recent breakout zone).
The main support is forming around the USD 1,180 level. Even more losses could push the price towards USD 1,135, where the bulls will likely take a strong position.
4 Hour MACD – The MACD for ETH / USD is now gaining momentum in the bearish zone.
4 Hour RSI – The RSI for ETH / USD is still well above the 60 level.
Major Support Level – USD 1,135
Major Resistance Level – USD 1,400