TA: Ethereum Price Looks Ready For Another Leg Higher Over $1,500: Here’s Why
06 October 2022 - 3:28PM
NEWSBTC
Ethereum is showing positive signs above the $1,350 resistance zone
against the US Dollar. ETH could gain bullish momentum if there is
a clear move above the $1,400 resistance. Ethereum is gaining pace
and recently traded above the $1,375 level. The price is now
trading above $1,350 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance
near $1,355 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if there is a clear move above the
$1,400 resistance. Ethereum Price Remains Supported Ethereum
remained well bid above the $1,300 and $1,310 levels. ETH formed a
base above the $1,320 level and started a fresh increase above the
$1,3330 level. There was a steady increase above the $1,350
resistance level and the 100 hourly simple moving average. Besides,
there was a break above a major bearish trend line with resistance
near $1,355 on the hourly chart of ETH/USD. The pair even climbed
above the $1,375 resistance zone. A high was formed near $1,385 and
the price is now consolidating gains. Ether price is trading above
$1,350 and the 100 hourly simple moving average. It is now trading
near the 23.6% Fib retracement level of the upward move from the
$1,316 swing low to $1,385 high. On the upside, the price is facing
resistance near the $1,385 zone. The first major resistance is seen
near the $1,400 level. Source: ETHUSD on TradingView.com A clear
break above $1,400 might start a steady increase towards the $1,450
level. The next major resistance could be near the $1,500 level,
above which the price could gain bullish momentum. In the stated
case, the price may perhaps rise towards the $1,550 level. Dips
Supported in ETH? If ethereum fails to climb above the $1,400
resistance, it could start a downside correction. An initial
support on the downside is near the $1,365 level. The next major
support is near the $1,350 level. It is near the 50% Fib
retracement level of the upward move from the $1,316 swing low to
$1,385 high. A downside break below the $1,350 level might send the
price towards the $1,320 support. Technical Indicators Hourly MACD
– The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $1,350 Major Resistance Level – $1,400
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