Ethereum is showing positive signs above the $1,350 resistance zone against the US Dollar. ETH could gain bullish momentum if there is a clear move above the $1,400 resistance.
- Ethereum is gaining pace and recently traded above the $1,375 level.
- The price is now trading above $1,350 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $1,355 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if there is a clear move above the $1,400 resistance.
Ethereum Price Remains Supported
Ethereum remained well bid above the $1,300 and $1,310 levels. ETH formed a base above the $1,320 level and started a fresh increase above the $1,3330 level.
There was a steady increase above the $1,350 resistance level and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $1,355 on the hourly chart of ETH/USD. The pair even climbed above the $1,375 resistance zone.
Dips Supported in ETH?
If ethereum fails to climb above the $1,400 resistance, it could start a downside correction. An initial support on the downside is near the $1,365 level.Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $1,350 Major Resistance Level – $1,400