ETH Could Soon Test $1420 After Breaking Major Hurdle

ETH could soon test the $1420 level after it managed to break the major hurdle level above $1275 which opened the doors for a fresh new high. In our latest Ethereum news, we are reading more about the price analysis.

ETH gained some pace after breaking the $1000 level against the US dollar and increased over 25% so it is nicely trading above $1300 and the 100 hourly simple moving average. There was a break above the key contracting triangle and the resistance of $1240 on the 4-hour charts of the pair so it will likely continue higher towards $1420 and the $1500 levels in the coming sessions.

Over the past week, BTC and ETH saw major rallies against the US dollar. Ethereum’s price even surpassed the $1110 resistance zone and settled in the 100 simple moving average. ETH price tested the $1290 zone next and immediately after started consolidating the gains. There was a minor decline but the dips remained above the $1190 level. A new swing low was formed near the $1065 level before the price went on a new increase.

It broke the $1200 level to get into the positive zone but there was a break above the key contracting triangle with the $1240 level on the 4-hour charts of the pair which speed up the gains and the price managed to shoot past $1300. Ethereum’s price tested the $1340 zone but closed to the 1236% fib extension level of the downward movement of the $1290 swing high to the $1065 low. It now seems that ETH could soon test higher levels above $1400. The 1.618 fib extension level of the downward move from the $1290 swing high is going to act as a strong resistance for the bulls.

If ETH fails to clear the $1340 level and the $1400 resistance level, it could start a downside correction with the initial support being set at a $1275 level. The main support forming close to the $1180 level could protect from more losses below it. The 4-hour MACD for the pair is gaining momentum in the bearish zone while the 4-hour RSI for the pair is well above the 60 level.