Ethereum price remains in a range above the $ 1,300 support against the US Dollar. According to veteran analyst Aayush Jindal, Ethereum price could gain momentum above the $ 1,400 and $ 1,450 resistance levels in the near term.

 

 

  • Ethereum price traded as high as $ 1,438 and later corrected against the US Dollar.
  • The price is consolidating above the $ 1,320 support level and the 100 simple moving average (4-hours).
  • There is a key bullish trend line formed on the 4-hour ETH / USD pair (data stream via Kraken) with support near $ 1,295.
    The pair is likely to accelerate higher after breaking the $ 1,400 and $ 1,430 resistance levels.

 

Veteran analyst: Ethereum price could soon rise to $ 1,500

Bitcoin and Ethereum recently saw a steady increase of over $ 1,300 and $ 35,000 respectively against the US dollar. While BTC dropped all of its earnings, Ethereum price continued to bid well above the $ 1,300 support zone. The recent high was around $ 1,438 before the price dropped. Later, there was a break below the $ 1,380 support level.


Ethereum price even traded below the 23.6% Fib retracement level of the rise from the $ 1,207 low to $ 1,438. However, the price is consolidating above the $ 1,320 support level and the 100 simple moving average (4-hours). There is also a key bullish trend line formed with support near $ 1,295 on the 4-hour chart of ETH / USD. The trendline is near the 50% Fib retracement level of the move from the $ 1,207 low to $ 1,438.

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Here are the levels that Ethereum can test today

On the upside, the price is facing hurdles near the $ 1,400 and $ 1,430 levels. A successful break above the $ 1,400 and $ 1,430 resistance levels could open the doors for a sharp increase in the coming sessions. In the stated situation, the price could test the $ 1,500 resistance zone. If Ethereum price fails to clear the $ 1,400 and $ 1,430 resistance levels, it could begin a downside correction.

The first key support on the downside is near the $ 1,300 level and the trend line, according to the analyst. A downside break below the trendline support would likely require testing of the $ 1,260 support level and the 100 simple moving average (4-hours), according to analyst. More losses could shift the price of ETH into the $ 1,200 support zone, according to the analyst.

 

Ethereum price remains in a range above the $ 1,300 support against the US Dollar. According to veteran analyst Aayush Jindal, Ethereum price could gain momentum above the $ 1,400 and $ 1,450 resistance levels in the near term.

4-hour MACD: The MACD for ETH / USD is slowly losing momentum in the bullish zone.

4-hour RSI: The RSI for ETH / USD is just above the 50 level.

Major Support Level: $ 1,300.

Major Resistance Level: $ 1,430.

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