Ethereum’s Close Above $1300 Could Spark A Fresh Surge

Ethereum’s close above $1300 could spark a fresh surge for the cryptocurrency while holding the $1240 and the $1220 support levels against the US dollar. The price seems to be looking for a fresh surge above the $1300 resistance levels in the near-term so let’s take a closer look at the ethereum price news and analysis.

Ethereum retested the $1200 support zone where the bulls are waiting. The price is recovering towards $1300 and the 100 hourly simple moving average with a major bearish trend line forming with the resistance at $1300 on the hourly charts of the pair. The ETH/USD pair could start a strong increase if Ethereum’s close above $1300 happens. There was some downside extension in ETH below the $1250 support levels when the price traded below the $1220 support level and then settled below the 100 hourly simple average.

The bulls were able to protect the main support zone at $1200 but a new low formed close to $1204 and the price is recovering higher. There was a break above these resistance levels with the bulls being able to push the price above the 23.6% fib retracement level from the recent decline from $1375 high to the $1204 low. ETH is facing resistances near the $1300 level and the 50% fib retracement level from the decline at $1375 high to the $1204 low is also near the $1289 level.

The main resistance is close to $1300 with a major bearish trend line forming with the resistance at $1300 on the hourly charts of the pair. IF ether’s price is able to clear the trend resistance, there are more chances of a fresh surge. The next major resistance will be set at $1375 with a close above this level opening a door for an increase in the coming sessions to $1450. If ETH fails to clear the trend line resistance, and the 100 hourly SMA, there are chances of a new bearish reaction. The initial support on the downside is close to the $1240 level with the main support forming near the $1200 level. If ETH breaks the $1200 support, there’s a risk of a drop towards the $1120 level.

The hourly MACD for the pair is slowly gaining pace in the bullish zone while the hourly RSI for the pair sitting above the 50 level. The major support levels are set at $1240 and $1300.