Ethereum’s fresh increase could lead the coin to a new all-time high above $1500 with the price showing positive signs and will likely continue surging so let’s take a closer look at today’s Ethereum price news.
The price is likely to face hurdles close to the $1380 level but it is well above the 100 simple moving average and a break above the major bearish trend line with the resistance near the $1265 on the 4-hour charts of the pair that could continue higher towards $1400 and $1500 in the upcoming few sessions. Over the past week, BTC and ETH saw a fresh drop below $1200 and $35,000 respectively against the US dollar while the ETH price dropped below $1100 but remained stable above the $1000 level.
A new low was formed near the $1042 before the price started a fresh increase with a strong close above $1200 and the 100 simple moving average. There’s a break above the 50% fib retracement level from the downwards move to the $1440 swing high to the $1042 low with a break above this major bearish trend line with resistance near the $1265 on the 4-hour charts of the pair. ETH’s price is approaching the $1345 resistance zone, it is close to the 76.4% fib retracement level of the downward movement at the $1440 high to $1042 low. Breaking above these levels could open the doors for a fresh increase above the $1400 resistance zone and the price could continue rising to the $1500 level with the next major resistance sitting near the $150 level.
If ETH fails to clear the $1345 and the $1380 level, it could start a downside correction with the first key support on the downside is near the $1240 level. The main support is forming to the $1180 level and the 100 simple moving average with more losses could lead the price to the $1080 support zone. The 4-hour MACD for the pair is gaining momentum in the bullish zone while the 4-hour RSI is well above the 50 levels.
Ethereum’s fresh increase previously led the coin to another ATH level previously seen in 2018. The large-cap altcoins were led by ETH and charted gains against Bitcoin while its dominance continues its negative sentiment and dropped to 63%. After BTC dropped below $29,000 earlier this week, the asset was headed for a fast recovery session as it has already done before.
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