Ethereum gained pace and cleared the $1,200 zone against the US Dollar. ETH is up 8% and might continue to climb higher towards $1,300 or $1,320.

  • Ethereum extended gains and climbed above the $1,200 resistance zone.
  • The price is now trading above $1,200 and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $1,210 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it stays above the key $1,200 support zone.

Ethereum Price Gains Momentum

Ethereum remained well supported above the $1,120 level. The price started a fresh increase and was able to clear a major hurdle near the $1,150 level.

It opened the doors for a sharp increase above the $1,200 level. Ether price even broke the $1,250 level and traded to a new monthly high at $1,276. It is now trading above $1,200 and the 100 hourly simple moving average.

The price is testing the 23.6% Fib retracement level of the recent increase from the $1,162 swing low to $1,276 high. There is also a crucial bullish trend line forming with support near $1,210 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,275 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,320 zone, above which the price may perhaps gain strength. In the stated case, the price could rise towards the $1,350 resistance. If the bulls remain in action, the price might climb towards the $1,420 zone.

Dips Limited in ETH?

If ethereum fails to rise above the $1,275 resistance, it could start a downside correction….


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