Ethereum climbed higher above the $1,350 resistance zone against the US Dollar. ETH tested the $1,420 zone and is currently consolidating gains.
- Ethereum started a steady increase above the $1,320 and $1,350 resistance levels.
- The price is now trading above $1,350 and the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support near $1,345 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it stays above the $1,320 support zone.
Ethereum Price Breaks $1,400
Ethereum price remained well bid above the $1,300 resistance. ETH settled above the $1,320 resistance zone and started another increase, similar to bitcoin above $17,500.
There was a strong upward move above the $1,350 resistance zone. The price gained over 5% and even broke the $1,400 resistance zone. A high is formed near $1,419 and the price is now consolidating gains. Ether price is now trading above $1,350 and the 100 hourly simple moving average.
Losses Limited in ETH?
If ethereum fails to clear the $1,420 resistance, it could start a downside correction. An initial support on the downside is near the $1,395 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 below the 50 level.
Major Support Level – $1,370 Major Resistance Level – $1,420