Ethereum has settled nicely above $ 1000 to start a new surge against the US dollar. ETH price broke the $ 1,275 resistance to head towards $ 1,420. ETH price gained momentum after breaking the $ 1,000 resistance against the US dollar.

 

The price is above 25% and trading nicely above $ 1,300 and the 100 simple moving average.

There was a break above a key contract triangle with resistance near $ 1,240 on the 4-hour chart of ETH / USD.

The pair seems to continue to rise to $ 1,420 and $ 1,500 in the upcoming sessions.

 

Ethereum starts another rise

Last week, Bitcoin and Ethereum saw a significant rise against the US Dollar over $ 1,000 and $ 230,000 respectively. ETH price even surpassed the $ 1,110 resistance zone and settled well above the 100 simple moving average.

Ethereum price tested the $ 1,290 zone and recently started consolidating gains. There was a small drop, but the dips remained with offers above the $ 1,190 level. There was a low drop around $ 1,065 before the price started a new high.

It broke the $ 1,200 level to return to the positive zone. There was also a break above a key contract triangle with resistance near $ 1,240 on the 4-hour chart of ETH / USD.

Ethereum accelerated gains and the price even broke the $ 1,300 level. It looks like the price could continue rising towards the $ 1,400 level.

See Also
TOP 3 Price Forecast: BTC, ETH, XRP

 

Supported drops in Ethereum

If Ethereum fails to clear the $ 1,340 and $ 1,400 resistance levels, it could begin a downside correction. Initial support is near the $ 1,275 level.

The main support is formed near the $ 1,180 level. Further losses could push the price up to $ 1,135. Bulls are likely to take a strong stand at this point.

 

Technical indicators

4-hour MACD – The MACD for ETH / USD is now gaining momentum in the bearish zone.

4 hours RSI – The RSI for ETH / USD is still well above the 60 level.

Support Level: $ 1,135.

Resistance Level: $ 1,400.

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