Ethereum Price Continues Going Up, Indicators Suggest Rally To $1,400

Ethereum buyers successfully maintained the $1,220 floor against the US Dollar. This surge of buying activity could possibly launch ETH into a powerful upswing heading beyond $1,300 levels.

• Ethereum remained well-bid and strong above the $1,220 zone.
• The price is now trading above $1,250 and the 100 hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $1,245 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is showing positive signs and might eye an upside break above the $1,300 resistance.

Ethereum’s price extended its decline below the $1,250 level. ETH even moved below the $1,240 support level and the 100 hourly simple moving average, similar to bitcoin.

However, the bulls were active near the $1,220 support zone. They defended more losses and slowly ether price moved higher. There was a move above the $1,240 and $1,250 levels. There was a break above the 50% Fib retracement level of the key decline from the $1,304 swing high to $1,220 low.

Besides, there was a break above a major bearish trend line with resistance near $1,245 on the hourly chart of ETH/USD. The pair is now trading above $1,250 and the 100 hourly simple moving average.

A close above the $1,300 resistance might start a fresh increase. The next major resistance is near the $1,320 level, above which ether price could gain bullish momentum for a move to $1,400. Any more gains might send the price toward the $1,450 resistance zone.