Ethereum Gains Support Near $1,300 – Upward Trendline to Drive Upswing - Forex News by FX Leaders
Ethereum Gains Support Near $1,300 - Upward Trendline to Drive Upswing

Ethereum Gains Support Near $1,300 – Upward Trendline to Drive Upswing

Posted Thursday, October 6, 2022 by
Skerdian Meta • 2 min read

Ethereum is trading over the $1,350 resistance level versus the US dollar. ETH might gain positive momentum if there is a clear move above the $1,400 resistance. ETHEREUM is gathering momentum and has lately traded above the $1,375 mark. The price currently trades over $1,350 and the 100 hourly simple moving average.

On the hourly chart of ETH/USD, there was a break over a key negative trend line with resistance near $1,355. If there is a decisive move above the $1,400 resistance, the pair could continue to advance. Ethereum prices maintained much above $1,300 and $1,310. ETH created a base above the $1,320 level and began a new upward trend over the $1,3330 level.

There was a sustained rise just above the $1,350 resistance level and the 100 hourly simple moving average. Furthermore, on the hourly chart of ETH/USD, there was a break above a strong negative trend line with resistance above $1,355. The pair even broke beyond the $1,375 resistance level.

ETH/USD

A high near $1,385 was achieved, and the price is now consolidating gains. The price of ether is currently trading over $1,350 and the 100 hourly simple moving average. It is currently trading near the uptrend’s 23.6% Fib retracement level from the $1,316 swing low to the $1,385 high. On the upside, the price is coming against resistance near the $1,385 mark. The first significant resistance is encountered near $1,400.

Ethereum (ETH/USD) Technical Outlook

A solid breach above $1,400 might signal the start of a steady rise towards $1,450. The next big resistance mark may be near $1,500, above which the price may develop upward momentum. In the scenario above, the price might jump to $1,550.

If Ethereum fails to break through the $1,400 barrier level, it may begin a downward trend. On the downside, an initial support level is near $1,365. The next big support is around $1,350. It is close to the 50% Fib retracement level of the upward run from the swing low of $1,316 to the high of $1,385. If the price falls below $1,350, it may move towards the $1,320 support.

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