Ethereum (ETH) Prints Bullish Technical Pattern, Why It Could Revisit $1,450

Key Takeaways:

  • Ether price was able to clear a key hurdle near $1,130.
  • ETH/USD cleared a major contracting triangle with resistance near $1,130 on the 4-hours chart.
  • The pair could accelerate higher towards $1,450 if it clears the $1,170 resistance.
Ethereum Bullish Pattern. It Could Visit $1450k.
Ethereum Bullish Pattern. It Could Visit $1450. Image Source: Unsplash Shubham Dhage

Ethereum’s ETH faced a key rejection near $1,280 before it dipped to $1,000. It is now recovering and seems like the bulls are aiming a push to $1,450.

Ethereum (ETH) Price Could Rally

This past week, Ethereum climbed above the $1,200 level against the US Dollar. The ETH/USD pair eve broke the $1,250 resistance zone and the 50 simple moving average (4 hours, blue).

However, it faced a strong rejection near the $1,280 resistance zone (a multi-touch zone). A high was formed near $1,280 and the price started a fresh decline. There was a sharp move below the $1,170 level and the $1,130 support.

Ethereum's 4-hours price chart
Ethereum’s 4-hours price chart | Source: ETHUSD on TradingView.com

A low was formed near $997 and the price is now correcting losses. There was a move above the $1,100 resistance zone. Besides, there was a clear move above a major contracting triangle with resistance near $1,130 on the 4-hours chart.

ETH/USD climbed above the 50% Fib retracement level of the key decline from the $1,280 high to the $997 low. More importantly, there was a close above the 50 simple moving average (4 hours, blue).

It is now facing resistance near the $1,170 zone or the 61.8% Fib retracement level of the key decline from the $1,280 high to $997 low. A clear move above the $1,170 resistance could send the price towards the $1,280 resistance.

Any more gains might open the doors for a move towards the $1,450 resistance. It represents the 1.618 Fib extension level of the key decline from the $1,280 high to the $997 low. If there are more upsides, the bulls are likely to aim for a test of the $1,500 barrier.

Conversely, ETH’s price might fail to clear the $1,170 resistance zone or $1,200. In the mentioned case, the price could start another decline below the $1,130 support. The next major support is near $1,080 and the triangle lower trend line. A close below $1,080 may perhaps call for a test of $1,000.

Overall, ether price is eyeing an upside break above the $1,170 resistance zone. If the bulls succeed, the price could accelerate higher towards the $1,450 resistance zone in the coming days. Conversely, there might be a fresh drop to $1,000.

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Ethereum Bullish Pattern, Ethereum (ETH) Prints Bullish Technical Pattern, Why It Could Revisit $1,450

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