Ethereum Price Technical Analysis – ETH/USD Eyes $1400

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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 maneuver higher, and it could even test the $1400 level within 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 because it managed to maneuver back above the $1200 level against the US Dollar. The worth after a correction began a new upside wave and traded above the last high of $1222.46. The upside move was strong as the worth was capable of 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 present upside wave is positive and the worth recently traded as high as $1318. Through 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 probabilities of more gains above $1318. At present, the worth is trading across the 1.618 Fib extension of the last minor decline from the $1242 high to $1120 low. If the current momentum stays intact, there's a chance of a drift toward $1400 within the near term.

Ethereum Price Technical Analysis ETH USD

On the downside, the broken resistance at $1260 may act as a support. Below the $1260 support, the worth could test the $1220 support area within the near term.

Hourly MACD – The MACD is showing loads of positive signs within 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

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