Ethereum price gaining momentum, why ETH could surge to $1,300

Ethereum is moving higher above $1,220 against the US Dollar. ETH could continue higher if there is a clear move above the $1,240 and $1,250 resistance levels.

• Ethereum is attempting a fresh increase above the $1,200 and $1,220 resistance levels.
• The price is now trading above $1,200 and the 100 hourly simple moving average.
• There is a connecting bullish trend line forming with support near $1,200 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum if there is clear movement above the Resistance from $1,250 there.

Ethereum price starts to increase

Ethereum price remained well bid above the $1,200 level. ETH bulls have been active and defending heavy losses below the $1,180 level. The price started a decent climb above the $1,220 level similar to the Bitcoin.

A low was formed near $1,204 and the price scaled above $1,220. The price even climbed above the USD 1,230 level and it is currently showing a lot of positive signs. The price is now showing many bullish signs above the $1,220 level.

Ether price is also trading above $1,200 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $1,200 on the hourly chart of ETH/USD. The pair appears to be consolidating above the 23.6% Fib retracement level of the recent wave from the $1,204 low to the $1,233 high.

Source: ETHUSD on TradingView.com

Immediate resistance is near $1,250. The next major resistance is near the $1,265 level. A close above the $1,265 resistance could start a decent upward move. In the mentioned case, the price might perhaps rise towards the $1,300 resistance. The next major resistance might be $1,350, above which the price could surge towards the $1,400 resistance zone.

Dips supported in ETH?

If Ethereum fails to scale above the $1,250 resistance, it could trigger another decline. Initial support on the downside is near $1,220.

The next major support is near $1,200. A downside break below $1,200 could send the price towards the $1,180 support. Further losses may require a test of the $1,100 zone.

Technical indicators

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.

Greater support level – $1,200

Main resistance level – $1,250