Ethereum gained over 5% and broke the ,250 resistance against the US Dollar. ETH price is rising and could accelerate higher above ,350.
- Ethereum started a strong increase above the ,150 resistance.
- The price is now trading above ,250 and the 100 hourly simple moving average.
- There is a crucial bullish trend line forming with support near ,160 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is consolidating near ,300 and might extend rally in the near term.
Ethereum Price Eyes More Upsides
Ethereum formed a base above the ,050 support zone. ETH started another increase and cleared the ,150 resistance.
There was also a clear move above the ,250 level and the price settled above the 100 hourly simple moving average. It traded to a new multi-week high at ,340 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the recent wave from the ,130 swing low to ,340 high.
Besides, there is a crucial bullish trend line forming with support near ,160 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the ,350 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the ,400 level. Ether price could start another surge if there is a clear move above the ,400 resistance. In the stated case, the price may perhaps test the ,500 level. Any more gains might call for a move towards the ,620 resistance zone in the coming sessions.
Dips Limited in ETH?
If ethereum fails to start a fresh increase above the ,350 level, it could start a downside correction. An initial support on the downside is near the ,290 zone. The next major support is near the ,235 level. It is near the 50% Fib retracement level of the recent wave from the ,130 swing low to ,340 high.
The main support is near the ,200 zone and the trend line. A downside break below the ,200 support zone might push the price further lower. In the stated case, the price might drop to ,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now in the overbought zone.
Major Support Level – ,235
Major Resistance Level – ,350