Key Takeaways:
- Ether price gained over 10% this week and cleared the $1,340 resistance.
- ETH/USD is following a key bullish trend line with support at $1,330 on the 4-hours chart.
- The price rise further unless there is a downside break below $1,340 and $1,330.
Ethereum’s ETH is signaling an upside break above $1,350. As a result, the price might extend gains above the $1,420 and $1,450 levels in the near term.
Ethereum Price (ETH) Climbs Higher
This week, ethereum and bitcoin started a decent increase against the US Dollar. The ETH/USD pair formed a base above the $1,300 level before it started a new increase.
There was a clear move above the $1,320 and $1,330 levels. The price settled above the $1,340 resistance zone and the 50 simple moving average (4 hours, blue). It opened the doors for more gains towards the $1,400 level.
Etheruem price 4-hours price chart | Source: ETH/USD on TradingView.com
The price traded as high as $1,419 and is currently consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $1,315 swing low to the $1,419 high.
Ether’s price trades above the $1,350 level and the 50 simple moving average (4 hours, blue). Immediate support on the downside sits near the $1,392 level. The next major support is near the $1,370 level.
The main support sits near the $1,340 level. A key bullish trend line is forming with support at $1,330 on the 4-hours chart. The trend line is close to the 76.4% Fib retracement level of the upward move from the $1,315 swing low to the $1,419 high.
A close below the $1,340 and $1,330 support levels could spark a sharp move toward the $1,280 support. Any more losses below $1,280 could send the price toward the $1,190 zone.
More Upsides in ETH?
If not, the bulls could increase above the $1,400 level. Immediate resistance is near the $1,420 level. A clear move above the $1,420 resistance level might send the price toward the $1,450 resistance.
The next major resistance is near the $1,540 level. Any more gains might open the doors for a move toward the $1,600 resistance or even $1,650.
Ether’s price is gaining momentum above the $1,350 resistance zone. If ETH climbs above $1,420, it could surpass the $1,500 resistance zone. Conversely, the price might start another decline and revisit the $1,340 support or even $1,280.
