Ethereum started a new increase towards above $ 1,300 against the US Dollar. ETH price is showing positive signs and will likely continue to rise towards $ 1,400 and $ 1,500.
ETH price gains bullish momentum above the $ 1,250 resistance level against the US Dollar.
The price is likely to face hurdles near $ 1,380. However, it ranks well above the 100 simple moving average.
There was a break above a major bearish trend line with resistance near $ 1,265 on the 4-hour chart of ETH / USD.
The pair is likely to rise to $ 1,400 and $ 1,500 in the coming sessions.
Ethereum price increase expected
Last week, Ethereum saw a fresh drop towards below $ 1,200 against the US Dollar. ETH price even dropped below $ 1,100, but remained stable above $ 1,000.
There was a low around $ 1,042 before the price started a new increase. There was a strong close above $ 1,200.
Ethereum price is now approaching the $ 1,345 resistance zone.
A clear break above the $ 1,345 level could open the doors for a fresh increase above the $ 1,400 resistance zone. In the stated situation, the price could continue to rise to the $ 1,500 level. The next major resistance is located near the $ 1,530 level.
If Ethereum fails to clear the $ 1,345 and $ 1,380 resistance levels, it could begin a downside correction. The first key support on the downside is near the $ 1,240 level.
The main support is formed near the $ 1,180 level and the 100 simple moving average. Further losses could drive Ethereum price into the $ 1,080 support zone.
4-hour MACD – The MACD for ETH / USD is now gaining momentum in the bullish zone.
4 hours RSI – RSI for ETH / USD is well above the 50 level.
Support Level – $ 1,240.
Resistance Level: $ 1,380.