TA: Ethereum Price Looks Ready For Another Leg Higher Over $1,500: Here’s Why
- Teresa Bach
- October 6, 2022
- 0 Comments
Ethereum is showing positive signs above the $1,350 resistance zone against the US Dollar. ETH could gain bullish momentum if there is a clear move above the $1,400 resistance.
Ethereum is gaining pace and recently traded above the $1,375 level.
The price is now trading above $1,350 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,355 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if there is a clear move above the $1,400 resistance.
Ethereum Price Remains Supported
Ethereum remained well bid above the $1,300 and $1,310 levels. ETH formed a base above the $1,320 level and started a fresh increase above the $1,3330 level.
There was a steady increase above the $1,350 resistance level and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $1,355 on the hourly chart of ETH/USD. The pair even climbed above the $1,375 resistance zone.
A high was formed near $1,385 and the price is now consolidating gains. Ether price is trading above $1,350 and the 100 hourly simple moving average.
It is now trading near the 23.6% Fib retracement level of the upward move from the $1,316 swing low to $1,385 high. On the upside, the price is facing resistance near the $1,385 zone. The first major resistance is seen near the $1,400 level.
Source: ETHUSD on TradingView.com
A clear break above $1,400 might start a steady increase towards the $1,450 level. The next major resistance could be near the $1,500 level, above which the price could gain bullish momentum. In the stated case, the price may perhaps rise towards the $1,550 level.
Dips Supported 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 $1,365 level.
The next major support is near the $1,350 level. It is near the 50% Fib retracement level of the upward move from the $1,316 swing low to $1,385 high. A downside break below the $1,350 level might send the price towards the $1,320 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 well above the 50 level.
Major Support Level – $1,350
Major Resistance Level – $1,400