Ethereum Price Could Rally If It Closes Above This Key Level


Ethereum is showing positive signs above the $1,300 level against the US Dollar. ETH could rise if it surpasses the $1330 and $1350 resistance levels.

  • Ethereum is slowly moving higher and is trading above the $1,300 level.
  • The price is now trading above $1,310 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,320 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if there is a clear move above the $1350 resistance level.

Ethereum price still supported

Ethereum’s bid has remained well above the $1250 level. he was there slight increase Above the $1,280 and $1,288 levels. ETH is showing positive signs above the $1,300 level and the 100 hourly simple moving average.

The price rose above the 50% Fib retracement level of the downside move from the $1,372 swing high to $1,265. The price settled above the $1,310 level and Simple moving average per 100 hours.

There is also a major bullish trend line forming with support near $1,320 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,330 area. It is near the 61.8% Fib retracement level of the downside move from the $1,372 swing high to $1,265 swing low.

Ethereum price

source: ETHUSD on TradingView.com

A clear break above $1,330 may lead to a decent rally towards the $1,355 level. If the bulls continue to act, the price could rise towards the $1,375 level. Any further gains could open the door for a move towards the $1400 resistance area. The next major resistance is near the $1,450 level.

A new drop in ETH?

If Ethereum fails to climb above the $1,355 resistance, it may start a new decline. There is initial support on the downside near the $1,320 level and the trendline.

The next major support is near the $1,290 level. A break-down below the $1,290 level could send the price towards the $1,255 support level. Any further losses could trigger the selling and the price could drop to $1,220 or even around $1,200 in the coming sessions.

Technical Indicators

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

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

Key Support Level – $1,320

Key Resistance Level – $1,375



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