Ethereum prices have gradually risen above $1,320 against the US dollar. Above $1,350 and $1,400, ETH may find renewed momentum.
Ethereum held its ground above the $1,265 resistance area and began a respectable ascent. This morning, the price opened above $1,320 and the 100 hourly simple moving average. On the hourly chart, ETH/USD has begun forming a major bullish trend line with support near $1,315. If the pair is able to break out above the $1,350 resistance level, the bulls may gain strength.
The Price of Ethereum Hopes to Rise Further
Ethereum has established a footing above the $1,260 level and begun a respectable ascent, mirroring the pattern seen in the price of bitcoin. The price of ETH broke through the $1,300 and $1,280 resistance levels.
The crucial decline from the $1,344 swing high to the $1,262 low saw a break above the 50% Fib retracement level. Ethereum’s price has broken above $1,320 and the 100 hourly simple moving average. Above $1,320, the bulls appear to have taken command.
The price is currently trading above the key 76.4% Fibonacci retracement level of the drop from the $1,344 swing high to the $1,262 low. Further, on the hourly chart of ETH/USD, there is a major bullish trend line forming with support near $1,315.
Upwards resistance is seen in the $1,340 area, or the last swing high, almost immediately. The first significant barrier can be found close to $1,350. If prices are able to decisively rise above the $1,350 resistance level, more gains may be possible. In this scenario, there is a chance that the price will increase until it reaches the $1,400 barrier.
It’s also close to the 1.618 Fib extension level of the significant fall from the $1,344 swing high to the $1,262 low. If prices continue to rise, they may eventually test the $1,500 barrier.
One year ago, Ethereum was $4800 and you were begging for the opportunity to buy at a lower price.
Today, Ethereum is $1300 and you’re too afraid to touch it.
Funny how that works.
— Mr. BROWN (@mrbrown_nft) October 19, 2022
Ethereum Price Drop
Ethereum’s price may begin a new decline if it is unable to break down the $1,350 resistance level. In the short term, the trend line and the $1,315 price point will act as initial support for the market.
The 100 hourly simple moving average and the $1,300 mark provide the subsequent assistance. The $1,260 area could be the target of a new downtrend if the $1,300 area is breached on the downside. If losses continue, the $1,200 support could become a target.
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