TA: Ethereum Outpaces Bitcoin, Why ETH Could Rise To $1,500

Ethereum started a major increase above the $1,200 resistance against the US Dollar. ETH even climbed above $1,400 and might rise further towards $1,500.

Ethereum gained bullish momentum after there was a close above $1,250.
The price is now trading above $1,350 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $1,325 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it clears the $1,420 resistance zone.

Ethereum Price Gains Pace

Ethereum moved into a positive zone after there was a close above the $1,200 and $1,250 levels. ETH cleared the $1,320 resistance zone to move further into a positive zone.

The price gained pace and even climbed above the $1,400 level. It traded as high as $1,420 and settled well above the 100 hourly simple moving average. Ether price is now consolidating gains near the $1,400 level. It is also trading well above the 23.6% Fib retracement level of the recent rally from the $1,196 swing low to $1,420 high.

Besides, there is a major bullish trend line forming with support near $1,325 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,420 level.

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,450 zone. A clear move above the $1,450 level could send the price higher. The next key barrier is near the $1,500 level, above which the price gain more bullish strength. In the stated case, the price could rise towards the $1,580 resistance zone.

Dips Limited in ETH?

If ethereum fails to rise above the $1,450 resistance, it could start a downside correction. An initial support on the downside is near the $1,380 zone. The next major support is near the $1,350 zone and the trend line.

The main support sits near the $1,300 zone or the 50% Fib retracement level of the recent rally from the $1,196 swing low to $1,420 high. A downside break below the $1,300 support may perhaps spark another decline. In the stated case, the price could drop toward the $1,250 level, below which the bears might gain strength.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now above the 60 level.

Major Support Level – $1,350

Major Resistance Level – $1,450

Read More?

Post is imported from RSS feed, by one of our guest editors. G6 does not edit or moderate the content. G6 is not responsible for your actions. No rights owned by G6. To remove the post, please email us at [email protected]

No Comments

Sorry, the comment form is closed at this time.