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 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.
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.
MACD per hour – The MACD for ETH / USD is slowly losing pace in the bullish zone.
RSI per hour – The RSI for ETH / USD is currently correcting lower to the 60 level.
Major Support Level – USD 1,360
Major Resistance Level – USD 1,450