Ethereum Broke Major Hurdle, Why ETH Could Soon Test $1, 420

Ethereum settled nicely above $1, 000 to start a fresh increase against the US Dollar. ETH price broke the $1, 275 resistance to open the doors for a push towards $1, four twenty.

  • ETH price gained pace after it broke the $1, 000 resistance against the US Dollar.
  • The price is up over 25%, and it is trading nicely above $1, 300 and the 100 simple moving average (4-hours).
  • There was a break above a key contracting triangle with resistance near $1, 240 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher towards $1, 420 and $1, 500 in the coming sessions.

Ethereum’s Ether Starts Another Increase

This past week, bitcoin and ethereum saw a significant rally above $1, 000 and $230, 000 respectively against the ALL OF US Dollar. ETH price even surpassed the $1, 110 resistance zone and settled well above the 100 simple moving average (4-hours).

Ether price tested the particular $1, 290 zone and recently started consolidating gains . There was a minor decline, but dips were remained well bid above the $1, 190 level. A swing low was formed near $1, 065 before the price started a fresh increase.

It broke the $1, 200 level to move back into a positive zone. There was also a break above a key contracting triangle with resistance near $1, 240 on the 4-hours chart of ETH/USD.

Ethereum

Ethereum

 Source:  ETHUSD on TradingView. com  

It accelerated gains and the price even broke the $1, three hundred level. Ether price tested typically the $1, 340 zone. It is close to the 1 . 236 Fib extension level of the downward move from the $1, 290 swing high to $1, 065 low. It seems like the price might continue to rise towards the $1, 400 level.

The 1 . 618 Fib extension level of the downward move from the $1, 290 swing high to $1, 065 low is at $1, 428 to act as a key resistance for the bulls.

Dips Supported in Ether (ETH)?

If Ethereum fails to clear the $1, 340 and $1, 400 resistance levels, it could start a downside correction. An initial support is near the $1, 275 degree (the recent breakout zone).

The main support is forming near the $1, 180 level. Any more losses could lead the price towards $1, 135, where he bulls are likely to take a strong stand.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

four hours RSI – The RSI with regard to ETH/USD is still well above the 60 level.

Major Support Level – $1, 135

Major Resistance Level – $1, 400

Leave a comment

Your email address will not be published. Required fields are marked *