Ethereum price rises above $1,300 is a clear bullish signal

Ethereum surged higher and breached the $1,300 resistance zone against the US Dollar. ETH is consolidating gains and could aim more upside towards the $1,400 resistance.

• Ethereum managed to gain pace for a move above the $1,275 and $1,280 resistance levels.
• The price is now trading above $1,280 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $1,270 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue higher if it stays above the $1,270 support zone.

Ethereum price surges back to $1,300

Ethereum price started a decent climb above the $1,250 level. ETH gained pace and managed to clear the $1,275 resistance zone, similar to Bitcoin.

The price even broke through $1,300 to move into a bullish zone. A high is forming near $1,313 and the price is now consolidating gains. Ether price is clearly showing many bullish signs above $1,280 and the 100 hourly simple moving average.

There is also a key bullish trend line forming with support near $1,270 on the hourly chart of ETH/USD. It is positioned well above the 23.6% Fib retracement level of the recent rally from the $1,258 low to the $1,313 high.

Source: ETHUSD on TradingView.com

an immediate one Resistance is near the $1,320 level. The next major resistance is near $1,340. A clear move above the $1,340 resistance could be another decent move higher. In the mentioned case, the price might perhaps rise towards the $1,400 resistance. The next major resistance might be $1,450, above which the price could surge towards the $1,500 resistance zone.

Dips Limited in ETH?

If Ethereum fails to clear the $1,320 resistance, it could start a short-term downside correction. Initial support on the downside is near $1,300.

The next major support is near $1,270 and the trendline. It is near the 61.8% Fib retracement level of the recent rally from the $1,258 swing low to $1,313 high. A downside break below the trendline support could send the price towards the $1,250 support. Further losses may require a test of the $1,220 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 – $1,270

Main resistance level – $1,320