Ethereum is up over 10% and it broke the $1,250 resistance against the US Dollar. ETH price is trading above $1,300 and it is likely to accelerate further higher in the near term.

In the past 2-3 sessions, Ethereum started a strong increase above the $1,200 zone, and it outperformed bitcoin. ETH price broke many important barriers near $1,245 and $1,250 to move further into a bullish zone.

The bulls gained strength, resulting in a rally above the $1,280 resistance. To start the rally, there was a break above a major contracting triangle with resistance near $1,245 on the hourly chart of ETH/USD. Ether price is now up over 10% and it is trading well above the 100 hourly simple moving average.

A high is formed near $1,346 and the price is currently consolidating gains. An initial support on the downside is near the $1,315 level. It is close to the 23.6% Fib retracement level of the recent wave from the $1,215 swing low to $1,346 high.

On the upside, the $1,345 and $1,350 levels are initial hurdles. A clear break above the $1,350 level could open the doors for a sharp increase. In the stated case, ether price will most likely surpass the $1,400 and $1,420 levels in the near term. The next major resistance is near the $1,500 level.

If ethereum corrects lower below the $1,315 and $1,300 levels, it could find a strong support near the $1,280 level (a decent bid zone).

The 50% Fib retracement level of the recent wave from the $1,215 swing low to $1,346 high is also near the $1,280 level to provide support. Any more losses could lead the price towards the $1,250 zone (resistance turned support).

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is well above the 50 level.

Major Support Level – $1,280

Major Resistance Level – $1,350

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