• Ethereum surged above the $1,350 resistance zone against the US Dollar.
• There was a strong upward move above the $1,350 resistance zone and it broke the $1,400 resistance zone.
• Ethereum is now trading above $1,350 and the 100 hourly simple moving average, and it could start another increase if it stays above the $1,320 support zone.
The digital currency Ethereum has seen a significant boost in price recently, as it climbed higher above the $1,350 resistance zone against the US Dollar. This was a major milestone for Ethereum, as it had been struggling to break through this resistance level for the past few weeks. After finally breaking through, Ethereum started a steady increase above the $1,320 and $1,350 resistance levels, and continued to surge even further.
At the time of writing, Ethereum is now trading above $1,350 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $1,345 on the hourly chart of ETH/USD. The pair appears to be trading just above the 23.6% Fib retracement level of the recent rally from the $1,322 swing low to $1,419 high.
The surge in Ethereum’s price has been impressive, and it has managed to break the $1,400 resistance zone. This is a very significant milestone, and now Ethereum is gaining more traction as investors start to take note. The next major resistance is near the $1,450 level. If Ethereum is able to break through this level, it could set the stage for a larger increase in the coming days.
On the other hand, if Ethereum fails to stay above the $1,320 support zone, it could indicate a potential pullback. In this case, Ethereum could start a downward trend and lose the gains it has made over the past few days. However, as of now, Ethereum appears to be in a strong uptrend, and it is likely to stay above the $1,320 support zone.
