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Ethereum is gaining momentum above $1,360. ETH could start a fresh rally if there is a clear move above the $1,400 resistance zone.
- Ethereum has positive signals above the $1,320 and $1,350 support levels.
- The price is now trading above $1,350 and the 100 hourly simple moving average.
- A key downward line has broken with resistance at $1,342 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its uptrend if it clears the key resistance zone around $1,400.
Ethereum: the price is going up
Ethereum was able to form a support line above the $1,260 level. After clearing the resistance at $1,300, ETH started a steady rise similar to Bitcoin.
The price broke the resistance at $1,330 and $1,350 and entered a positive zone. A key downward line has also been broken with resistance at $1,342 on the hourly chart of ETH/USD. The pair is now trading above the 76.4% Fib level of the move down from the $1,419 high to the $1,219 low.
The price of ether is also trading above $1,350 and the 100 hourly simple moving average. On the other side, the price is facing resistance at $1,395 and $1,400.
The next key resistance is $1,420. A clear break above $1,420 could start a decent climb towards $1,465. This reading is close to the 1.236 Fib extension level of the move down from the $1,419 high to the $1,219 low.
Further gains could open the door to reach the $1,500 resistance, and the bulls are likely to target above $1,580 in the coming sessions.
In any case, the top analyst SmartContractor (@Bluntz on Twitter) is sure: Ethereum has started a new upward trend.
break out beautiful channel 4h on $eat.
I am long and, imo I believe that the abc to correct the impulse from June-August is now complete and a new leg has begun. pic.twitter.com/hS06OUQ7Kp
— Bluntz (@SmartContracter) September 27, 2022
Could Ethereum crash again?
If Ethereum fails to scale above the $1,400 resistance, a downside correction could begin. Initial support comes on the downside of $1,350.
The next key support is near $1,320 and the 100 hourly simple moving average. A break below $1,320 could push the price towards the $1,250 support in the short term. Further losses could increase selling and the price could fall to $1,200.
- MACD on hourly chart: The MACD for ETH/USD is now moving into bullish territory.
- RSI on hourly chart: The RSI for ETH/USD is now above the 50 level.
- Major support level: $1,320
- Key resistance level: $1,400
Text credit: Newsbtc
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