TA: Ethereum Price Looks Ready For Another Leg Higher Over $1,500: Here’s Why


Ethereum is showing positive signs above the $1350 resistance area against the US Dollar. ETH could gain bullish momentum if there is a clear move above the $1,400 resistance.

  • Ethereum is gaining pace recently above the $1,375 level.
  • 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 $1,355 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue rising if there is a clear movement above the $1400 resistance.

Ethereum price still supported

Ethereum keep trying Above the $1,300 and $1,310 levels. ETH made a base above $1,320 and started a new rally above $1,3330.

There has been a steady increase above the $1350 resistance level and Simple moving average per 100 hours. Besides, there was a break above the major downtrend line with resistance near $1,355 on the hourly chart of ETH/USD. The pair rose above the $1,375 resistance area.

A top formed near $1,385 and the price is now consolidating its gains. Ether price is trading above $1350 and the 100 hourly simple moving average.

It is now trading near the 23.6% Fib retracement level of the upward move from the $1,316 swing low to $1,385 high. On the upside, the price is facing resistance near the $1,385 region. The first major resistance is emerging near the $1,400 level.

Ethereum price

source: ETHUSD on TradingView.com

A clear break above $1400 could lead to a steady increase towards the $1450 level. The next major resistance could be near the $1,500 level, above which the price could gain upward momentum. In the mentioned case, the price may rise towards the $1550 level.

Support dips 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 $1,365 level.

The next major support is near the $1,350 level. It is close to the 50% Fib retracement level of the upward move from the $1,316 swing low to $1,385 high. A break-down below the $1350 level could send the price towards the $1320 support level.

Technical Indicators

MACD per hourMACD for ETH/USD is gaining momentum in bullish territory.

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

Key Support Level – $1,350

Key Resistance Level – $1400



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