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’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 | 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.
