Ethereum has surpassed $1,360 against the US Dollar. If there is a clear move above the $1,400 resistance zone, ETH could start a fresh rise. Above the $1,320 and $1,350 support levels, ETHER shows signs of life. The price is currently trading above $1,350 as is the 100 hourly simple moving average.
There was a break above a key negative trend line with a Resistance over $1,342. If the pair breaks the key $1,400 resistance level, it could resume its rise.
The Ethereum price is increasing
At $1,260, Ethereum was able to establish a support base above the $1,260 level. ETH started out like Bitcoin, a steady climb after breaking the $1,300 resistance level. The price broke the $1,330 and $1,350 resistance levels and entered the positive zone. Additionally, there was a break above a strong negative trend line with resistance above $1,342 on the hourly chart of ETH/USD.
The pair is now trading above the 76.4% Fib retracement level of the bearish move from the $1,419 swing high to the $1,219 low set on March 1st. Ethereum price is also trading above $1,350 as is the 100 hourly simple moving average. On the upside, the price is facing resistance at $1,395 and $1,400.
The next significant resistance is at $1,420. A clear break above $1,420 could signal the start of a strong climb towards $1,465. It is close to the 1.236 Fib extension level of the pullback from the $1,419 swing high to the $1,219 low. Any additional gains could pave the way for a move towards the $1,500 resistance, above which the bulls could aim $1,580 in the next few sessions.
ETH dips are limited?
If Ethereum fails to break $1,400, a downtrend could begin. On the upside, initial support is near $1,350. The next significant support is $1,320 and the 100 hourly simple moving average.
In the short-term, a break below the $1,320 level could push the price towards the $1,250 support level. If there are more losses, the price could drop to $1,200.
Source: Crypto News Deutsch