Ethereum (ETH) started a new increase of over $ 1300 against the US Dollar. The ETH price is showing positive signs and will likely continue to rise to $ 1400 and $ 1500.
ETH price gains bullish momentum above the $ 1250 resistance level against the US Dollar. The price is likely to face hurdles near $ 1380, but well above the 100 simple moving average (4 hours), according to analyst Aayush Jindal. There was a break above a major bearish trend line with resistance near $ 1265 on the 4-hour chart of ETH / USD. The pair is likely to rise to $ 1400 and $ 1500 in the coming sessions.
Last week, Bitcoin (BTC) and Ethereum saw a new drop below $ 1200 and $ 35,000 respectively against the US Dollar. ETH price even dropped below $ 1100 but managed to hold steady above $ 1000.
Will There Be Ascension?
A low was formed around $ 1042 before the price started a new increase. There was a strong close above $ 1200 and the 100 simple moving average (4 hours). There was a break above a major bearish trend line with resistance near $ 1265 in ETH. ETH price is now approaching the $ 1345 resistance zone.
A clear break above the $ 1345 level could open the doors for a fresh increase above the $ 1400 resistance zone. In the stated situation, the price could continue to rise to the $ 1500 level. The next major resistance is near the $ 1530 level.
What Are the Supported Drop Levels in ETH?
If Ethereum fails to clear the $ 1345 and $ 1380 resistance levels, it could begin a downside correction. The first key support on the downside is near the $ 1240 level. The main support is formed near the $ 1180 level (last breakout zone) and the 100 simple moving average (4-hours). Further losses could push the ether price into the $ 1080 support zone.
Technical Indicators
4-hour MACD: The MACD for ETH / USD is now gaining momentum in the bullish zone.
4 hours RSI: The RSI for ETH / USD is well above the 50 level.
Major Support Level: $ 1240
Major Resistance Level: $ 1380
