Ethereum is gaining above $1,360 against the US Dollar. ETH could start a new high if there is a clear move above the $1400 resistance area.
- Ethereum is showing positive signs above the $1320 and $1350 support levels.
- The price is now trading above $1350 and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $1,342 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its rally if it clears the key resistance area at $1,400.
Ethereum price aims higher
Ethereum was able to form a file support base Above the $1260 level. ETH started to increase steadily after getting rid of the $1,300 resistance, similar to Bitcoin.
The price broke the resistance levels at $1,330 and $1,350 to enter positive territory. Besides, there was a break above the major downtrend line with resistance near $1,342 on the hourly chart of ETH/USD. The pair is now trading above the 76.4% Fib retracement level of the downside move from the $1,419 swing high to $1,219 low.
Ether price is also trading above $1350 and Simple moving average per 100 hours. On the upside, the price is facing resistance near $1,395 and $1,400.
The next major resistance is near the $1,420 level. A clear break above $1420 could lead to a decent rally towards the $1465 level. It is near the 1.236 Fibonacci extension level of the downside move from the $1,419 swing high to $1,219 low.
source: ETHUSD on TradingView.com
Any further gains could open the door for a move towards the $1,500 resistance, above which the bulls could target $1,580 in the coming sessions.
Dips Limited in ETH?
If Ethereum fails to climb above the $1,400 resistance, it may start a downside correction. There is initial support on the downside near the $1350 level.
The next major support is near the $1,320 level and the 100 hourly simple moving average. A break-down below the $1320 level may send the price towards the $1250 support level in the near term. Any further losses could trigger the selling and the price could drop to $1,200.
MACD per hour – MACD for ETH/USD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $1,320
Key Resistance Level – $1400