Ethereum Price Breaks Hurdle, Why Bulls Can Target $1,500+

Ethereum has cleared the major $1,350 resistance zone against the US dollar. ETH is on the rise and could rise further towards the $1,500 resistance zone.

• Ethereum is slowly rising, trading above $1,350.
• The price is currently trading above $1,350 and the 100 hour simple moving average.
• On the ETH/USD hourly chart (data feed via Kraken), a large bullish trendline is forming with support near $1,350.
• A clear move above the $1,370 resistance is likely to continue the rally.

Ethereum Price Eyes More Benefits

Ethereum has formed a support base above $1,250. ETH remains strong and has begun a steady rally above the $1,300 level. The price managed to clear the $1,320 resistance zone and the 100-hour simple moving average.

There were also moves above $1,350. It traded as high as $1,369 and is now consolidating profits. Ether price is currently trading above $1,350 and the 100 hour simple moving average. The price is also trading above the 23.6% Fib retracement level of the move from swing lows of $1,268 to highs of $1,369.

Additionally, the ETH/USD hourly chart has formed a major bullish trend line forming support near $1,350. On the upside, the price is facing resistance near $1,370.

Source: ETHUSD on TradingView.com

A clear breakout of $1,370 could lead to further rally towards $1,400. If the bull market continues, the price could rise to $1,450. Further gains could open the door for a move towards the $1,500 resistance zone. The next major resistance is near $1,550.

Are ETH dips limited?

If Ethereum fails to break out of the $1,360 resistance, a downward correction could start. The first support on the downside is near the $1,350 levels and the trendline.

The next major support is near $1,320. Approaching the 50% Fib retracement level of the move from the swing low of $1,268 to the high of $1,369. Below $1,320, the price is likely to find support at $1,275.

technical indicator

Hourly MACD – The ETH/USD MACD is currently gaining momentum in the bullish zone.

Hourly RSI – The ETH/USD RSI is currently well above the 50 level.

Major Support Level – $1,320

Major Resistance Level – $1,370