Ethereum Price Saw Key Technical Breakout: Big Reaction From Bulls Imminent

Key Takeaways:

  • Ether price started a fresh increase and cleared the $1,285 resistance zone.
  • ETH/USD broke a major contracting triangle with resistance near $1,290 on the 4-hours chart.
  • The price could gain bullish momentum above the $1,350 and $1,365 resistance levels.
Ethereum Price Saw Key Technical Breakout: Big Reaction From Bulls Imminent
Ethereum Price (ETH) Starts Steady Increase | Photo by shutter_speed on Unsplash

Ethereum’s ETH is rising above $1,280. The price must stay above $1,280 to continue higher in the near term.

Ethereum Price (ETH) Corrects Lower

This past week, ethereum and bitcoin saw a decent rise against the US Dollar. The ETH/USD pair was able to surpass the $1,260 and $1,265 resistance levels to move into a short-term positive zone.

The price even climbed above the $1,280 level and the 50 simple moving average (4-hours, blue). Finally, the price broke a major contracting triangle with resistance near $1,290 on the 4-hours chart. A high was formed near $1,348 and recently corrected lower.

Etheruem price 4-hours price chart
Etheruem price 4-hours price chart | Source: ETH/USD on TradingView.com

There was a minor downside correction below the $1,320 level. It is now trading near the 23.6% Fib retracement level of the upward move from the $1,241 swing low to $1,348 high.

An immediate support on the downside sits near the $1,305 level. The main support sits near the $1,295 level and the broken triangle trend line zone. The 50% Fib retracement level of the upward move from the $1,241 swing low to $1,348 high is also near the $1,295 level.

A close below the $1,295 and $1,280 support levels might send the price towards the $1,240 support. An intermediate support could be near the 50 simple moving average (4-hours, blue). Any more losses below $1,240 could lead the price towards the $1,200 zone.

Bulls In Action?

Conversely, ether price might continue to rise above the $1,320 level. An immediate resistance is near the $1,340 level. The first major resistance is near the $1,350 level.

A clear move above the $1,350 resistance level might send the price towards the $1,400 resistance. The next major resistance is near the $1,445 level. Any more gains might open the doors for a move towards the $1,500 resistance.

Overall, ether price is consolidating gains after a key upside break above the $1,280 resistance. If ETH price remains stable above the $1,280 level, it could rise further above the $1,350 resistance. Conversely, the price might start another decline and revisit the $1,240 support level in the coming days.

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ethereum, Ethereum Price Saw Key Technical Breakout: Big Reaction From Bulls Imminent

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