Ethereum Price Hesitates, But Further Gains Seem Likely

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 Price (ETH) Climbs Higher
Ethereum Price (ETH) Climbs Higher | Photo by DrawKit Illustrations on Unsplash

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
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.

close
ethereum, Ethereum Price Hesitates, But Further Gains Seem Likely

Subscribe Today
for our Weekly Newsletter

Free Weekly Crypto News without the spam.

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com WestcoastNFT.com