Ethereum surged over 10% and broke the $ 1,250 resistance against the US Dollar. ETH price is trading above $ 1,300 and is likely to rise further in the near term.
Ethereum is gaining momentum above the $ 1,250 and $ 1,280 resistance levels.
The price is showing positive signs above the $ 1,300 and 100 hourly simple moving average.
There was a break above a major contract triangle with resistance near $ 1,245 on the hourly chart of ETH / USD.
The pair may drop a few points, but the overall structure suggests more gains above $ 1,350.
Ethereum price is rising
Over the past 2-3 sessions, Ethereum started a strong rise above the $ 1,200 zone and outperformed Bitcoin.
ETH price broke many key hurdles around $ 1,245 and $ 1,250 to move into the bullish zone.
The bulls strengthened and resulted in a rise above the $ 1,280 resistance. To kick off the rally, there was a break above a major contract triangle with resistance near $ 1,245 on the hourly chart of the ETH / USD pair. Ethereum price is currently over 10% and trading well above the 100 hourly simple moving average.
A high around $ 1,346 has formed and the price is currently consolidating gains.
On the upside, the $ 1,345 and $ 1,350 levels, a clear break above the initial $ .350 level, could open the doors for a sharp increase. In the case stated, Ethereum price will likely exceed the $ 1,400 and $ 1,420 levels in the near term. The next major resistance is near the $ 1,500 level.
If Ethereum breaks below the $ 1,315 and $ 1,300 levels, it could find strong support near the $ 1,280 level.
Hourly MACD – The MACD for ETH / USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH / USD is well above the 50 level.
Support Level – $ 1,280.
Resistance Level – $ 1,350.