Ethereum Price Weekly Analysis – ETH/USD Breaks $1400
- ETH price extended its gains and was able to move above $1400 against the US Dollar.
- There was a break above a major descending channel with resistance at $1230 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to extend its gains above the $1400 level in the near term.
Ethereum price is in a major uptrend against the US Dollar and Bitcoin. ETH/USD broke the $1400 level and it is likely to extend gains going forward.
Ethereum Price Rise
This past was overall positive for ETH price as it remained supported above $1200 for more gains against the US Dollar. There was a dip towards the $1079 level where buyers appeared and protected losses. Later, a new upside wave was initiated and the price was able to move back above the $1200 and $1250 levels. The rise in ETH was excellent as it managed to move above the $1400 level and traded to a new all-time high at $1412.82.
During the upside move, there was a break above a major descending channel with resistance at $1230 on the 4-hours chart of ETH/USD. At the moment, the price is correcting lower and is trading below the $1400 level. An initial support on the downside is around the 23.65% Fib retracement level of the last wave from the $1079 low to $1412 high. It seems like the price is placed nicely in the bullish zone above $1300 and it is very likely to move back above $1400 for more gains.
On the downside, the most important support is around the 50% Fib retracement level of the last wave from the $1079 low to $1412 high at $1245. The same $1245 level acted as a resistance level and it may act as a buy zone in the near term.
4-hours MACD – The MACD is nicely moving in the bullish zone.
4-hours RSI – The RSI is currently near the 65 level with bullish signs.
Major Support Level – $1245
Major Resistance Level – $1400
Charts courtesy – SimpleFX
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