Ethereum gained speed and retested $1,300 resistance against the US Dollar. ETH anticipates further gains towards the $1330 and $1350 levels.
- Ethereum continued to be bid well above the $1,240 mark and its price rose.
- The price trades at $1,250 above the 100-hourly simple moving average.
- The hourly chart of ETH/USD showed a break above the major bearish trend line, with resistance at $1,280 (data feed via Kraken).
- Once it reaches the $1,300 resistance zone, the pair could experience bullish momentum.
Ethereum price gains momentum
The $1,300 resistance level was broken and the Ethereum price fell. ETH dropped below the $1280 support level. However, bulls were active above and beyond the $1,240 level as well as the 100 hourly simple movement average, which is very similar to bitcoin.
The price was as low as $1.238 but has recently begun a new increase. Ether prices traded above the $1275 and $1280 resistance levels. It crossed the 76.4% Fib Retracement level of the downward movement from the $1,296 swing low to the $1,238 high.
On the hourly chart of Ethereum/USD, there was an above-average break above a major bearish line with resistance close to $1,280. The pair trades above $1,250 as well as the 100 hourly simple moving mean.
The $1,310 level provides immediate resistance. Near the $1,332 level is the first major resistance. It is close to the 1.618 Fib extension point of the downward movement from the $1,296 swing low to $1,238 high. The price could rise further if it crosses the $1,332 resistance.
Source: ETHUSD on TradingView.com
The $1350 level will be the next major resistance. If it is not, then the price may test $1400. Price gains could push the price towards $1,500 resistance.
There are less downsides to ETH
If ethereum does not rise above $1,300 resistance, it may begin a downtrend. The $1,280 level is the first support and the broken trendline are the last two.
The $1,265 or 100 hourly simple moving mean is the next major support. A break below $1.265, could see the price test the $1.240 support. Price could drop further towards the $1,200 level if it suffers more losses.
Hourly MACD – The bullish zone is seeing the MACD for USD/ETH gain momentum.
Hourly RSI – The RSI for Ethereum/USD is now at the 50 level.
Major Support Level – $1,265
Major Resistance Level – $1,310