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Ethereum recovered losses and climbed above the $1,320 level against the US Dollar. ETH could start a fresh increase if there is a clear move above $1,350.
- Ethereum found support near the $1,250 level and recovered losses.
- The price is now trading above $1,300 and the 100 hourly simple moving average.
- There is a short-term contracting triangle forming with support at $1,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if there is a clear move above the $1,350 resistance zone.
Ethereum Price Remains Strong
Ethereum found support near the $1,250 level after a strong decline. ETH traded as low as $1,253 and started a fresh increase. There was a steady increase and the price was able to clear the $1,300 resistance.
The bulls were active above the $1,300 level. There was a clear move above the 50% Fib retracement level of the downward move from the $1,399 swing high to $1,253 low. The price is now trading above $1,320 and the 100 hourly simple moving average.
There is also a short-term contracting triangle forming with support at $1,340 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,350 and $1,355 levels.
The next major resistance is near $1,365 level. It is near the 76.4% Fib retracement level of the downward move from the $1,399 swing high to $1,253 low. A clear break above $1,365 might start a decent increase towards the $1,400 level.
Source: ETHUSD on TradingView.com
Any more gains may perhaps open the doors for a move towards the $1,450 resistance, above which the bulls could aim a move to $1,500.
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 $1,340 level and the triangle lower trend line.
The next major support is near the $1,315 level. A downside break below the $1,315 level might send the price towards the $1,280 support in the near term. Any more losses could increase selling and the price might drop to $1,250.
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 – $1,315
Major Resistance Level – $1,355
