Ethereum Price Breaks Hurdle, Why Bulls Could Aim $1,500 or Higher


Ethereum cleared the key resistance area of ​​$1,350 against the US Dollar. ETH is rising and may rise further towards the $1500 resistance area.

  • Ethereum is slowly moving higher and is trading above the $1350 level.
  • 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 $1,350 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue rising if there is a clear move above the $1370 resistance level.

Ethereum price eyes more pros

Ethereum formed support base above the $1250 level. ETH remained strong and started steadily increasing above the $1,300 level. The price was able to break above the $1320 resistance area and the 100 hourly simple moving average.

There was also a move above the $1350 level. It traded as high as $1,369 and is currently consolidating gains. Ether price is now trading above $1350 and Simple moving average per 100 hours. The price is also trading above the 23.6% Fib retracement level of the upward move from the swing low of $1,268 to the high of $1,369.

Besides, there is a major bullish trend line forming with support near $1,350 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1.370 region.

Ethereum price

source: ETHUSD on TradingView.com

A clear break above $1370 could lead to another rally towards the $1400 level. If the bulls continue to act, the price could rise towards the $1450 level. Any further gains could open the door for a move towards the $1500 resistance area. The next major resistance is near the $1,550 level.

Dips Limited in ETH?

If Ethereum fails to climb above the $1360 resistance, it may start a downside correction. There is initial support on the downside near the $1350 level and the trendline.

The next major support is near the $1,320 level. It is close to the 50% Fib retracement level of the upward move from the swing low of $1,268 to the high of $1,369. A break-down below the $1,320 level could send the price towards the $1,275 support level.

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Key Support Level – $1,320

Key Resistance Level – $1,370



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