Listen to Article Ethereum is up over 10% and it broke the $1,250 resistance against the US Dollar. ETH price is trading above $1,300 and it is likely to accelerate further higher in the near term. In the past 2-3 sessions, Ethereum started a strong increase above the $1,200 zone, and it outperformed bitcoin. ETH price broke many important barriers near $1,245 and $1,250 to move further into a bullish zone. The bulls gained strength, resulting in a rally above the $1,280 resistance. To start the rally, there was a break above a major contracting triangle with resistance near $1,245 on the hourly chart of ETH/USD. Ether price is now up over 10% and it is trading well above the 100 hourly simple moving average. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! A high is formed near $1,346 and the price is currently consolidating gains. An initial support on the downside is near the $1,315 level. It is close to the 23.6% Fib retracement level of the recent wave from the $1,215 swing low to $1,346 high. On the upside, the $1,345 and $1,350 levels are initial hurdles. A clear break above the $1,350 level could open the doors for a sharp increase. In the stated case, ether price will most likely surpass the $1,400 and $1,420 levels in the near term. The next major resistance is near the $1,500 level. If ethereum corrects lower below the $1,315 and $1,300 levels, it could find a strong support near the $1,280 level (a decent bid zone). The 50% Fib retracement level of the recent wave from the $1,215 swing low to $1,346 high is also near the $1,280 level to provide support. Any more losses could lead the price towards the $1,250 zone (resistance turned support). Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is well above the 50 level. Major Support Level – $1,280 Major Resistance Level – $1,350
Ethereum Price is Surging
Dips Supported in ETH?
