Ethereum price is giving a bullish signal, what are possible bull targets
Ethereum gained pace and retested the $1,300 resistance zone against the US Dollar. ETH is aiming more gains towards the $1,330 and $1,350 levels.
- Ethereum remained bid well above the $1,240 level and resumed its rise.
- The price is now trading above $1,250 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with a one on the hourly chart of ETH/USD (data feed via Kraken). Resistance near $1,280.
- The pair could gain bullish momentum once it settles above the $1,300 resistance zone.
Ethereum price is gaining momentum
Ethereum price corrected down once from the $1,300 resistance zone. ETH fell below the $1,280 support level. However, the bulls have been active above the $1,240 level and the 100 hourly simple moving average, similar to Bitcoin.
The price traded as high as $1,238 and recently started a fresh increase. Ether price traded above the $1,275 and $1,280 resistance levels. It broke the 76.4% Fib retracement level of the move down from the $1,296 high to $1,238 low.
Also, there was a break above a major bearish trend line with resistance near $1,280 on the hourly chart of ETH/USD. The pair is now trading above $1,250 and the 100 hourly simple moving average.
Immediate resistance on the upside is near $1,310. The first major resistance is near the $1,332 level. It is near the 1.618 Fib extension level of the downside move from the $1,296 swing high to the $1,238 low. A close above the $1,332 resistance could propel the price higher.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,350 level, above which ether price could test $1,400. Further gains could send the price towards the $1,500 resistance zone.
Fewer downsides at ETH?
If Ethereum fails to start another surge above the $1,300 resistance, it could initiate a downside correction. Initial support on the downside is near $1,280 and the broken trendline.
The next major support is near $1,265 or the 100 hourly simple moving average. If there is a break below $1,265, the price could test the $1,240 support. Further losses could lead the price 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.
Greater support level – $1,265
Main resistance level – $1,310
Source: Crypto News Deutsch