New Delhi(Coinchapter.com): Ethereum’s ETH price is gaining pace above $1,450. It must stay above $1,420 to continue higher towards the $1,800 zone.
Ethereum (ETH) Price Eyes More Gains
This past week, ethereum remained in a key range above the $1,250 support zone against the US Dollar. The ETH/USD pair consolidating for a long time above $1,250 before it started a fresh increase.
There was a steady increase above the $1,320 and $1,350 resistance levels. The bulls were able to push the price above the $1,400 resistance and the 50-day simple moving average (blue). It pushed the price into a bullish zone and it even surpassed the $1,450 resistance.
Etheruem’s daily price chart | Source: ETHUSD on TradingView.com
During the increase, ether price broke a crucial bearish trend line with resistance at $1,450 on the daily chart. It even surpassed the 50% Fib retracement level of the key drop from the $1,790 swing high to $1,190 low.
The price even climbed above the $1,500 level and tested the $1,600 zone. On the upside, an immediate resistance is near the $1,585 level. The first major resistance is near the $1,640 level.
The 76.4% Fib retracement level of the key drop from the $1,790 swing high to $1,190 low is also near $1,640. A clear move above the $1,640 could send the price towards $1,800. The next major resistance is near the $1,931 zone, above which ether could surge towards the $2,000 resistance zone.
If there is no upside break above the $1,600 and $1,640 resistance levels, there could be a downside correction. The first major support is near the $1,450 level. The next major support is near the $1,420 zone. A close below the $1,420 level and the 50-day simple moving average (blue) might push the price into a bearish zone. In the stated case, the price may perhaps decline towards the $1,250 level.
Overall, ether price is showing positive signs above the $1,400 level. If the bulls remain in action, the price could rise towards $1,800 or even $2,000. Conversely, there might be a fresh decline towards the $1,400 level or even $1,250.
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