Home CryptocurrencyAnalysis Ethereum Price Could Rally If It Closes Above This Key Level

Ethereum Price Could Rally If It Closes Above This Key Level

by admin


Ethereum is showing positive signs above the $1,300 level against the US Dollar. ETH could rally if it clears the $1,330 and $1,350 resistance levels.

  • Ethereum is slowly moving higher and trading above the $1,300 level.
  • The price is now trading above $1,310 and the 100 hourly simple moving average.
  • There is a key 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 $1,350 resistance.

Ethereum Price Remains Supported

Ethereum remained well bid above the $1,250 level. There was a minor 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 climbed above the 50% Fib retracement level of the downward move from the $1,372 swing high to $1,265 swing low. The price even settled above the $1,310 level and the 100 hourly simple moving average.

There is also a key 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 zone. It is near the 61.8% Fib retracement level of the downward 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 might start a decent increase towards the $1,355 level. If the bulls remain in action, the price could rise towards the $1,375 level. Any more gains may perhaps open the doors for a move towards the $1,400 resistance zone. The next major resistance sits near the $1,450 level.

Fresh Decline in ETH?

If ethereum fails to climb above the $1,355 resistance, it could start a fresh decline. An initial support on the downside is near the $1,320 level and the trend line.

The next major support is near the $1,290 level. A downside break below the $1,290 level might send the price towards the $1,255 support.  Any more losses could increase selling and the price might drop to $1,220 or even towards $1,200 in the coming sessions.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

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

Major Support Level – $1,320

Major Resistance Level – $1,375

Source link

related posts