Ethereum Outpaces Bitcoin, Why ETH Could Rise To $1,500


Ethereum started a significant increase above the $1200 resistance level against the US Dollar. ETH even rose above $1,400 and could rise further towards $1,500.

  • Ethereum gained bullish momentum after closing above $1,250.
  • The price is now trading above $1350 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,325 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue rising if it clears the resistance area at $1420.

Ethereum price hike

Ethereum moved to a file positive area After there was a close above $1,200 and $1,250. ETH cleared the $1,320 resistance area to move forward into positive territory.

The price rose at a fast pace and even rose above the $1,400 level. It traded as high as $1420 and settled well above Simple moving average per 100 hours. Ether price is now consolidating gains near the $1,400 level. It is also trading above the 23.6% Fib retracement level of the recent rally from the $1,196 swing low to $1,420 high.

Besides, there is a major bullish trend line forming with support near $1,325 on the hourly chart of ETH/USD. There is immediate resistance on the upside near the $1,420 level.

Ethereum price

Source: ETHUSD on TradingView.com

The first major resistance is near the $1450 area. A clear move above the $1,450 level could lead the price higher. The next major barrier is near the $1,500 level, above which the price is gaining more upward strength. In the mentioned case, the price may rise towards the $1,580 resistance area.

Dips Limited in ETH?

If Ethereum fails to rise above the $1450 resistance, it may start a downside correction. There is initial support on the downside near the $1.380 area. The next major support is near the $1350 area and the trendline.

The main support is near the $1,300 area or the 50% Fib retracement level of the recent rally from the $1,196 swing low to $1,420 high. A break-down below the $1,300 support level could trigger another drop. In the mentioned case, the price could drop towards the $1250 level, below which the bears may gain strength.

Technical Indicators

MACD per hourETH/USD’s MACD is gaining momentum in bullish territory.

Hourly RSIThe RSI for ETH/USD is now above the 60 level.

Key Support Level – $1,350

Key Resistance Level – $1450



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