Ethereum started a fresh increase above $1,300 against the US Dollar. ETH price is showing positive signs and it is likely to continue higher towards $1,400 and $1,500.

This past week, bitcoin and ethereum saw a fresh decline below $1,200 and $35,000 respectively against the US Dollar. ETH price even declined below $1,100, but it remained stable above the $1,000.

A low was formed near $1,042 before the price started a fresh increase. There was a strong close above $1,200 and the 100 simple moving average (4-hours).

There was also a break above the 50% Fib retracement level of the downward move from the $1,440 swing high to $1,042 low. There was a break above a major bearish trend line with resistance near $1,265 on the 4-hours chart of ETH/USD.

Ether price is now approaching the $1,345 resistance zone. It is close to the 76.4% Fib retracement level of the downward move from the $1,440 swing high to $1,042 low.

A clear break above the $1,345 level could open the doors for a fresh increase above the $1,400 resistance zone. In the stated case, the price could continue to rise towards the $1,500 level. The next major resistance sits near the $1,530 level.

If Ethereum fails to clear the $1,345 and $1,380 resistance levels, it could start a downside correction. The first key support on the downside is near the $1,240 level.

The main support is forming near the $1,180 level (the recent breakout zone) and the 100 simple moving average (4-hours). Any more losses could lead ether price towards the $1,080 support zone.

Technical Indicators

4 hours 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 – $1,240

Major Resistance Level – $1,380

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