Ethereum is slowly moving higher above the $1,320 level against the US Dollar. ETH could gain pace above the $1,350 and $1,400 resistance levels.
Ethereum remained strong above the $1,265 support zone and started a decent increase.
The price is now trading above $1,320 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $1,315 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it clears the $1,350 resistance zone.
Ethereum Price Eyes More Gains
Ethereum formed a base above the $1,260 level and started a decent increase, similar to bitcoin price. ETH was able to climb higher above the $1,280 and $1,300 levels.
There was a break above the 50% Fib retracement level of the key drop from the $1,344 swing high to $1,262 low. Ether price is now trading above $1,320 and the 100 hourly simple moving average. It seems like the bulls are in control above the $1,320 level.
It is also trading above the 76.4% Fib retracement level of the key drop from the $1,344 swing high to $1,262 low. Besides, there is a major bullish trend line forming with support near $1,315 on the hourly chart of ETH/USD.
An immediate resistance on the upside is near the $1,340 zone or the last swing high. The first major resistance is near the $1,350 level. A clear upside break above the $1,350 resistance zone could open the doors for more gains. In the stated case, the price may perhaps rise towards the $1,400 resistance.
Source: ETHUSD on TradingView.com
The 1.618 Fib extension level of the key drop from the $1,344 swing high to $1,262 low is also near the $1,400 zone. Any more gains might send the price towards the $1,500 resistance.
Downside Break in ETH?
If ethereum fails to climb above the $1,350 resistance, it could start a fresh decline. An initial support on the downside is near the $1,315 level and the trend line.
The next major support is near the $1,300 level and the 100 hourly simple moving average. A downside break below the $1,300 zone might start a fresh decline to $1,260. Any more losses may perhaps open the gates for a move towards the $1,200 support.
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 50 level.
Major Support Level – $1,300
Major Resistance Level – $1,350