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Ethereum was up 15% and it traded to a new all-time high near $ 1,475 against the US dollar. The ETH price is currently correcting lower, but it is likely to remain on offer well above USD 1,350.

  • Ethereum started a fresh rise above the USD 1,350 and USD 1,400 resistance levels.
  • The price traded as high as $ 1,476 and is now well above the 100 simple hourly moving average.
  • A major bullish trendline is forming with support near USD 1,360 on the ETH / USD hourly chart (data feed via Kraken).
  • The pair could correct lower, but the bulls are likely to remain active near USD 1,350 and USD 1,360.

Ethereum price is gaining bullish momentum

There was one in the past 3-4 sessions sharp rise in Ethereum above the USD 1,300 resistance level. ETH performed better bitcoin and it moved above the USD 1,400 resistance level.

There was also a closing price above the $ 1,400 level and the 100-hour simple moving average. Ether gained 15% and traded to a new all-time high near the $ 1,476 level. The price is currently correcting lower and it is trading below the USD 1,450 level.

There was a break below the 23.6% Fib retracement level of the recent rally from the $ 1,299 swing low and $ 1,476 high. An initial support on the downside is near the USD 1,400 level. A major bullish trendline is also forming with support near USD 1,360 on the ETH / USD hourly chart.

Ethereum price

Source: ETHUSD on TradingView.com

On the upside, the price is facing hurdles near USD 1,450 and USD 1,475. The main resistance is near the USD 1,500 level. A clear break above the USD 1,500 resistance level could open the doors for a surge in the coming sessions. The next stop for the bulls could be USD 1,580 or USD 1,600.

Dips supported in ETH?

If ethereum starts a downside correction, it could remain stable above the USD 1,400 level. The first major support on the downside is near the trendline and USD 1,350.

The 50% Fib retracement level from the recent rally from the $ 1,299 swing low to $ 1,476 high is also near the $ 1,385 level to act as a support. Therefore, if there is a decline towards the USD 1,360 level, the ether price is likely to hold well.

Technical indicators

MACD per hourThe MACD for ETH / USD is slowly losing pace in the bullish zone.

RSI per hourThe RSI for ETH / USD is currently correcting lower to the 60 level.

Major Support Level – USD 1,360

Major Resistance Level – USD 1,450



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