Crypto NewsEthereum (ETH)

Ethereum price looks poised for another leg higher than $1,300

Ethereum was able to clear the $1,240 resistance zone against the US Dollar. ETH is showing positive signs and it could see a move above the Resistance of $1,300 give.

  • Ethereum is moving higher above the $1,220 and $1,240 resistance levels.
  • The price is now trading above $1,220 and the 100 hourly simple moving average.
  • There was a break above a key contraction triangle with resistance near $1,215 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue higher if there is a clear move above the $1,300 resistance.

Ethereum Price Gains Bullish Momentum

Ethereum price formed a base above the $1,200 level. ETH started a decent surge and managed to clear the $1,220 resistance zone, similar to Bitcoin.

There was a break above a key contraction triangle with resistance near $1,215 on the hourly chart of ETH/USD. It opened the doors for a move above the $1,250 resistance zone. The price tested the $1,270 zone and a high was formed near $1,271.

Ether price is now trading above $1,220 and the 100 hourly simple moving average. It is now correcting gains below $1,260. There was a move below the 23.6% Fib retracement level of the recent surge from the $1,204 swing low to $1,271 high.

Ethereum price looks poised for another leg higher than $1,300, Crypto Trading News

Source: ETHUSD on TradingView.com

Immediate resistance is near $1,260. The next major resistance is near the $1,275 level. A clear move above the $1,275 resistance could indicate further upside. 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 $1,420 resistance zone.

Dips Limited in ETH?

If Ethereum fails to clear the $1,275 resistance, it could continue to correct lower. Initial support on the downside is near $1,240.

The next major support is near $1,230. It is near the 50% Fib retracement level of the recent rally from the $1,204 swing low to $1,271 high. A downside break below $1,230 could send the price towards the $1,220 support. Further losses may require a test of the $1,200 zone.

Technical indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Greater support level – $1,230

Main resistance level – $1,275

Source: Crypto News Deutsch

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