Ethereum broke the USD 1,200 resistance to move into a bullish zone against the US dollar. ETH price is showing positive signs and it is likely to remain above USD 1,300 and USD 1,400.
- ETH price is gaining bullish momentum above the $ 1,200 pivot level against the US dollar.
- The price is facing hurdles near USD 1,280, but is well above the simple 100 (4-hour) moving average.
- There was a break above a large contracting triangle with a resistance near USD 1,215 on the ETH / USD 4-hour chart (data feed via Kraken).
- The pair is likely to stay higher towards USD 1,400 and USD 1,500 in the coming days.
Ether from Ethereum may increase further
Last week bitcoin and ethereum saw fresh gains of $ 1,150 and $ 35,000 respectively against the US dollar. The ETH price even surpassed the USD 1,200 resistance zone and came well above the simple 100 (4 hours) moving average.
The upward movement was such that there was a break above a large contracting triangle with resistance near USD 1,215 on the ETH / USD 4-hour chart. Ether price traded as high as $ 1,292 before correcting lower.
There was a break below the USD 1,240 level. The price traded below the 23.6% Fib retracement level of the recent rise from the $ 1,066 swing low to $ 1,292 high. However, the broken triangle resistance is acting as a strong support near the USD 1,200 zone.
Source: ETHUSD on TradingView.com
The next big support is near the USD 1,180 level. It is close to the 50% Fib retracement level of the recent rise from the $ 1,066 swing low to the $ 1,292 high.
On the upside, the price is facing a near term resistance near the USD 1,280 level. A clear break above the USD 1,280 and USD 1,300 resistance levels could open the doors for greater gains. In the case mentioned, the ether price could even exceed USD 1,400 and trade to a new record high in the near term.
Dips supported in Ether (ETH)?
If Ethereum didn’t clear the USD 1,280 and USD 1,300 resistance levels, it could start a downside correction. The first major support on the downside is near the USD 1,180 level.
The main support is forming near the USD 1,150 level (the recent breakout zone). Even more losses could take the price to $ 1,050 and the simple 100 (4-hour) moving average.
4 Hour MACD – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
4 Hour RSI – The RSI for ETH / USD is well above the 50 level.
Major Support Level – USD 1,180
Major Resistance Level – $ 1,280