ETH smashed key resistance again, over the $1250 point against the US Dollar which is why the analysts think that the coin is poised for a new ATH rally in the near-term as we are reading more in today’s Etheruem news.
ETH’s price is trading over $1300 and will likely speed up further in the near-term. The coin is gaining momentum above the $1250 level and the $1280 resistance levels with more positive signs above $1300 and the 100 hourly simple moving average. There was also a break above the major contracting triangle with the support of $1240 on the charts of the pair. The ETH /USD pair could dip again but the overall structure suggests more gains above the $1350 level.
Over the past 2-3 sessions, ETH started a strong increase above the $1200 zone and managed to outperform BTC. The price broke many important barriers near the $1245 level and the $1250 level to move into the bullish zone. The bulls gained some strength and resulted in a rally above the $1280 resistance so to start the rally, there will be a new break above the contracting triangle with the resistance close to $1245 on the hourly charts of the pair. ETH’s price is now up by 10% and it is trading well above the 100 hourly simple moving average.
As ETH smashed key resistance again, the new high was formed near $1346 and the price is now consolidating. The initial support on the downside is close to the $1315 level and a new close to the 23.6% Fib retracement level from the recent wave at the $1215 swing low to the $1346 high. Looking on the upside, these two levels are initial hurdles, and breaking above the $1350 level could open the doors for a sharp increase so the price could most likely surpass the $1400 levels in the near-term with a next major resistance nearing the $1500 level. If ETH corrects lower below the $1300 level, it could be able to find strong support near $1280.
The 50% fib retracement level from the recent wave at the $1215 swing low to the $1346 high which is also near the $1280 level that will provide support. More losses could lead the price to the $1250 zone and the technical indicators are showing that the pair is now gaining pace in the bullish zone with the hourly RSI for the pair being well above the 50 level.
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