Ethereum Price Analysis: ETH Breaks Key Hurdle, Aims New ATH

Ethereum price is trading in a bullish zone above $1,250 against the US Dollar. ETH/USD is likely to accelerate higher above $1,350 and $1,400 in the coming sessions.

Ethereum Price Analysis

In the past few days, Ethereum started a steady increase from the $904 swing low against the US Dollar. ETH price broke a couple of important hurdles near $1,120 and $1,150. The bulls remained in action, resulting in a push above the $1,200 level and the 55 simple moving average (4-hours).

The price traded above the 76.4% Fib retracement level of the downside correction from the $1,350 high to $904 low. Finally, there was a break above a major contracting triangle with resistance near $1,250 on the 4-hours chart.

The price is clearly trading nicely above a couple of key hurdles near $1,250 and $1,300. It seems like the price may soon clear the $1,350 zone and continue higher. In the stated case, the next stop for the bulls could be near the $1,400 level.

The next key resistance could be $1,450. It is close to the 1.236 Fib extension level of the downside correction from the $1,350 high to $904 low. Any more gains could lead the price above the $1,500 level.

If there is a downside correction, an initial support is near the $1,300 level. The first key support is near the $1,250 level and the broken triangle resistance. Any more losses might call for a test of the $1,180 level and the 55 simple moving average (4-hours).

Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a strong uptrend above $1,250 and the 55 simple moving average (4-hours). Overall, ether price seems to be eyeing an upside break above the $1,380 and $1,400 resistance levels in the coming sessions.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 50 level.

Key Support Levels – $1,250, followed by the $1,180 zone.

Key Resistance Levels – $1,350 and $1,450.

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