TA: Ethereum Price Could Rally If It Closes Above This Key Level

Ethereum is showing positive signs above the $1,300 level against the US Dollar. ETH could rally if it clears the $1,330 and $1,350 resistance levels.

• Ethereum is slowly moving higher and trading above the $1,300 level.
• The price is now trading above $1,310 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $1,320 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum if there is a clear move above the $1,350 resistance.

Ethereum Price Remains Supported

Ethereum remained well bid above the $1,250 level. There was a minor increase above the $1,280 and $1,288 levels. ETH is showing positive signs above the $1,300 level and the 100 hourly simple moving average.

The price climbed above the 50% Fib retracement level of the downward move from the $1,372 swing high to $1,265 swing low. The price even settled above the $1,310 level and the 100 hourly simple moving average.

There is also a key bullish trend line forming with support near $1,320 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,330 zone. It is near the 61.8% Fib retracement level of the downward move from the $1,372 swing high to $1,265 swing low.

Source: ETHUSD on TradingView.com

A clear break above $1,330 might start a decent increase towards the $1,355 level. If the bulls remain in action, the price could rise towards the $1,375 level. Any more gains may perhaps open the doors for a move towards the $1,400 resistance zone. The next major resistance sits near the $1,450 level.

Fresh Decline in ETH?

If ethereum fails to climb above the $1,355 resistance, it could start a fresh decline. An initial support on the downside is near the $1,320 level and the trend line.

The next major support is near the $1,290 level. A downside break below the $1,290 level might send the price towards the $1,255 support.  Any more losses could increase selling and the price might drop to $1,220 or even towards $1,200 in the coming sessions.

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 just above the 50 level.

Major Support Level – $1,320

Major Resistance Level – $1,375

Source