Ethereum gained pace for a move above the $1,300 resistance against the US Dollar. ETH is consolidating gains and might eye a fresh increase in the near term.
- Ethereum was able to clear the $1,280 and $1,300 resistance levels.
- The price is now trading above $1,280 and the 100 hourly simple moving average.
- There was a break above a key contracting triangle with resistance near $1,275 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but the bulls might be active near $1,280 and $1,270.
Ethereum Price Breaks Hurdle
Ethereum price remained well bid above the $1,240 support zone. ETH formed a base above the $1,250 level and the 100 hourly simple moving average.
There was a strong increase above the $1,280 resistance after the US CPI release, similar to bitcoin. Besides, there was a break above a key contracting triangle with resistance near $1,275 on the hourly chart of ETH/USD. The pair even cleared the $1,300 resistance zone.
Dips Limited in ETH?
If ethereum fails to climb above the $1,350 resistance, it could start another downside correction. An initial support on the downside is near the $1,295 level.Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $1,280 Major Resistance Level – $1,350