Ethereum has managed to climb higher above the $1,400 resistance level against the US Dollar. The cryptocurrency is currently consolidating its gains and may potentially rise further towards the $1,500 level. This positive price movement for Ethereum began with a fresh increase above the $1,350 and $1,400 resistance levels. The price is now trading above $1,400 and the 100 hourly simple moving average, indicating a bullish trend.
A major bullish trend line is forming with support near $1,365 on the hourly chart of ETH/USD. Unless there is a clear move below the $1,350 support level, Ethereum could continue to rise. The recent ascent in Ethereum’s price signals a positive trend in the cryptocurrency market, similar to bitcoin’s rise above $17,200. The price of Ethereum even surpassed the $1,400 resistance zone, reaching a high of around $1,437 before consolidating its gains.
Despite a slight downside correction below the $1,420 level, Ethereum’s price remains stable near $1,400. An immediate resistance lies around $1,435, with the next major resistance at $1,500. A breakout above the $1,500 resistance level could lead to further gains, potentially pushing the price towards $1,550 or even $1,600 in the near future. On the other hand, if Ethereum fails to clear the $1,430 resistance, it could initiate a downside correction.
In such a scenario, an initial support level is around $1,394, followed by a major support level near $1,370 where the bullish trend line is situated. The 76.4% Fibonacci retracement level also aligns with this support area. If the price continues to decline, a test of the $1,350 support zone may be on the horizon. Technical indicators such as the hourly MACD and RSI suggest that Ethereum’s bullish momentum may be losing strength, although the RSI remains above the 50 level.
Overall, Ethereum’s price movements indicate a positive trend with the potential for further gains towards the $1,500 level. The cryptocurrency market continues to show resilience and strength, with Ethereum leading the way in terms of price performance. Traders and investors are closely monitoring the support and resistance levels to determine the next direction of Ethereum’s price movement. As the cryptocurrency market continues to evolve, Ethereum’s ability to maintain its upward trajectory will be a key factor in shaping the overall market sentiment.
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