Key Highlights
- ETH price is moving higher and it recently broke the $1300 level against the US Dollar.
- There was a break above a major contracting triangle pattern with resistance at $1260 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to move higher, and it could even test the $1400 level in the near term.
Ethereum price is surging higher against the US Dollar and Bitcoin. ETH/USD is now above $1300 and is eyeing a break toward the $1400 level.
Ethereum Price Upside Move
There were continuing gains in ETH price as it managed to move back above the $1200 level against the US Dollar. The price after a correction started a new upside wave and traded above the last high of $1222.46. The upside move was strong as the price was able to move above the $1300 level as well. More importantly, there was a break above the 1.236 Fib extension of the last minor decline from the $1242 high to $1120 low.
The current upside wave is positive and the price recently traded as high as $1318. During the upside, there was a break above a major contracting triangle pattern with resistance at $1260 on the hourly chart of ETH/USD. Going forward, there are chances of more gains above $1318. At present, the price is trading around the 1.618 Fib extension of the last minor decline from the $1242 high to $1120 low. If the current momentum stays intact, there is a chance of a drift toward $1400 in the near term.
On the downside, the broken resistance at $1260 may act as a support. Below the $1260 support, the price could test the $1220 support area in the near term.
Hourly MACD – The MACD is showing a lot of positive signs in the bullish zone.
Hourly RSI – The RSI is heading higher toward the 75 level.
Major Support Level – $1260
Major Resistance Level – $1400
Charts courtesy – SimpleFX
