Ethereum Price Is Unstoppable and Why Break Above $1,400 Seems Imminent
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.
I hope you found the information presented above to be of use. You can also look through our news section, where we normally cover all of the most recent news and happenings around the world. Visit our website if you’d like to learn more about this topic.