Ethereum gained pace above the $1,250 resistance zone against the US Dollar. ETH even spiked above $1,300 and is currently correcting gains.
Ethereum remained well supported and even cleared the $1,280 resistance zone.
The price is now trading above $1,250 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $1,280 on the hourly chart of ETH/USD.
The pair could continue to rise if it stays above the $1,250 and $1,230 support levels.
Ethereum Price Gains Bullish Momentum
Ethereum price formed a base above the $1,230 level and extended its recovery wave. ETH was able to climb above the $1,250 and $1,280 resistance levels, similar to bitcoin.
The bulls even pushed the price above the $1,300 resistance zone. A new multi-week high is formed near $1,309 and the price is now correcting gains. There was a minor decline below the $1,295 level. The price declined below the 23.6% Fib retracement level of the recent wave from the $1,255 swing low to $1,309 high.
Ether price is now trading above $1,250 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,275 on the hourly chart of ETH/USD.
An immediate resistance on the upside is near the $1,300 level. The first major resistance is near the $1,320 level. A clear move above the $1,320 resistance might send the price further higher. The next major resistance is near the $1,380 level, above which ether price might even clear $1,400.
In the stated case, the price could rise towards the $1,450 resistance zone. Any more gains might send the price towards the $1,500 resistance zone.
Dips Limited in ETH?
If ethereum fails to continue higher above the $1,300 resistance, it could start a downside correction. An initial support on the downside is near the $1,280 level and the trend line.
The next major support is near the $1,275 level or the 61.8% Fib retracement level of the recent wave from the $1,255 swing low to $1,309 high. If there is a break below $1,275, the price could test the $1,250 support. Any more losses may perhaps start another decline towards the $1,225 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,275
Major Resistance Level – $1,300
