Ethereum rise 15% and traded around its all-time high of $ 1,475 against the US Dollar. ETH price is currently correcting lower, but will likely continue to bid above $ 1,350.
Ethereum started a new rise above the $ 1,350 and $ 1,400 resistance levels.
The price traded as high as $ 1,476 and is now well above the 100 hourly simple moving average.
There is a key bullish trend line formed with support near $ 1,360 on the hourly chart of ETH / USD. The pair may correct the decline, but the bulls are likely to remain active near $ 1,350 and $ 1,360.
Ethereum price gains bullish momentum
Over the past 3-4 sessions, there has been a strong increase in Ethereum above the $ 1,300 resistance level. ETH performed better than Bitcoin and rose above the $ 1,400 resistance level.
There was also a close above the $ 1,400 level and the 100 hourly simple moving average. Ethereum gained 15% and surged to an all-time high near the $ 1,476 level. The price is currently down and is trading below the $ 1,450 level.
On the upside, the price is facing hurdles near $ 1,450 and $ 1,475. The main resistance is near the $ 1,500 level. A clear break above the $ 1,500 resistance level could open the doors for a sharp increase in the coming sessions. The next stop for bulls could be $ 1,580 or $ 1,600.
If Ethereum initiates a downside correction, it may remain stable above the $ 1,400 level. The first major support on the downside is near the trend line and at $ 1,350.
Hourly MACD – The MACD for ETH / USD is slowly decelerating in the bullish zone.
Hourly RSI – The RSI for ETH / USD is currently correcting towards the 60 level.
Major Support Level: $ 1,360.
Major Resistance Level: $ 1,450.