Ethereum bullish breakout signals a new rally above the $1400 level as the coin started showing positive signs and could accelerate even higher so let’s read more in our latest etheruem news.
Ethereum started showing a lot of positive signs above $1320 and the $1350 level with the price now approaching the $1400 resistance and staying above the 100 hourly simple moving average. There was a break above the major bearish trend line with the resistance of $1325 on the hourly chart of the pair that could start increasing if it clears the $1400 resistance zone in the near-term.
After forming the support base of $1280, ETH started a fresh upwards move and the price even surpassed the $1300 and the $1320 resistance levels to get into the positive zone. There was also a break above the major bearish trend line with the resistance of $1325 on the hourly charts of the pair with doors wide open for an increase above $1350 and the 100 hourly simple moving average.
ETH traded close to $1400 resistance with a new high forming near the $1389 with the price correcting lower. It already tested the 23.6% fib retracement level from the recent upwards moves at the $1300 swing low to the $1389 high. On the downside, there’s no major support that is coming from the $1340 level and the 100 hourly simple moving average as it is close to the 50% fib retracement level from the upwards move at the $1300 swing low to the $1389 high.
On the upside, the $1390 level is the initial hurdle with the current price action suggesting high chances of an upside break above the $1400 resistance. In this case, the price will be able to drift to $1450 and $1480 with the next major resistance nearing the $1500 level. If ETH fails to clear these resistance levels, it could correct lower. There’s also a strong support forming near the $1340 level and the 100 hourly simple moving average so if it fails to stay above it, there’s risk of another drop to $1320 support zone and the broken trend line.
The ethereum bullish breakout signals a new price increase with the hourly MACD for the pair gaining pace in the bullish zone and the hourly RSI for the pair staying well above the 50 levels.
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