Ethereum is gradually rising above the $1,320 mark versus the US dollar. ETH may be able to break over the $1,350 and $1,400 resistance levels. ETHEREUM created a base of over $1,260 and began a steady rise, comparable to the bitcoin price. ETH was able to break through the $1,280 and $1,300 resistance levels.

A break over the 50% Fib retracement level of the crucial drop from the $1,344 swing high to the $1,262 low occurred. The price of ether is currently trading above $1,320 and the 100 hourly simple moving average. Above $1,320, it appears that the bulls are in command. It is also trading above the 76.4% Fib retracement level of the crucial drop from the swing high of $1,344 to the low of $1,262.

On the hourly chart of ETH/USD, a big bullish trend line with support near $1,315 is forming. On the upside, an immediate barrier is near the $1,340 zone, or the last swing high. The first big resistance is located near $1,350. A decisive break above the $1,350 resistance level could pave the way for more gains.

In the aforementioned scenario, the price may move toward the $1,400 resistance. The 1.618 Fib extension level of the crucial drop from the swing high of $1,344 to the low of $1,262 is also close to the $1,400 zone. Any further advances might push the price up to the $1,500 barrier level.

Ethereum (ETH/USD) Technical Outlook

If Ethereum fails to break through the $1,350 barrier, it may begin a new drop. The trend line and the $1,315 level provide early support on the downside.

The next significant support is between $1,300 and the 100 hourly simple moving average. A breach below the $1,300 level might trigger a new fall to $1,260.

Any further losses could pave the way for a move toward the $1,200 support.