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 (data feed via Kraken).
- 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.
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.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