Ethereum Price Breaks Shackles, Why ETH Could Rally Before Bitcoin

Aayush Jindal

1 year ago

2 mins read

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Ethereum gained pace and broke the $1,320 resistance against the US Dollar. ETH is showing positive signs and might surge above the $1,400 resistance.

Ethereum started a steady increase above the $1,320 and $1,330 levels.
The price is now trading above $1,300 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $1,320 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rally before bitcoin if it stays above the $1,300 pivot zone.

Ethereum Price Gains Strength

Ethereum remained well bid above the $1,265 level and started a steady increase. ETH was able to clear the $1,290 and $1,300 levels to move into a positive zone.

The price gained nearly 5% and there was a break above the $1,320 resistance zone. Ether price even climbed above the $1,350 level and settled above the 100 hourly simple moving average. It traded as high as $1,370 and recently started a downside correction.

The price is now moving lower towards the $1,340 zone. It is close to the 23.6% Fib retracement level of the upward move from the $1,252 swing low to $1,370 high. There is also a major bullish trend line forming with support near $1,320 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $1,370 level. The first major resistance is near the $1,390 and $1,400 levels. A clear upside break above the $1,400 resistance zone could open the doors for a strong increase. In the stated case, the price might rise towards the $1,500 level.

Dips Limited in ETH?

If ethereum fails to climb above the $1,400 resistance, it could start a downside correction. An initial support on the downside is near the $1,340 level.

The next major support is near the $1,320 level and the trend line. The main support is near $1,300. It is near the 50% Fib retracement level of the upward move from the $1,252 swing low to $1,370 high. A downside break below the $1,300 zone might start a fresh decline to $1,265 in the near term.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,320

Major Resistance Level – $1,370

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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