• Ethereum surged above the $1,350 resistance zone against the US Dollar.
• The price tested the $1,420 zone and is currently consolidating gains.
• Ethereum could start another increase if it stays above the $1,320 support zone.
The cryptocurrency market has been experiencing a tremendous surge lately, with Ethereum being one of the biggest beneficiaries. The Ethereum price has been climbing steadily above the $1,350 resistance zone against the US Dollar. This has enabled the ETH price to test the $1,420 zone, where it is currently consolidating its gains.
The recent surge in the Ethereum price came after the coin managed to break above the $1,320 resistance. This was followed by an even more impressive breakout past the $1,350 resistance, which opened the doors to further gains. As a result, the ETH price was able to climb past the $1,400 resistance level and even came close to testing the $1,420 resistance.
At the moment, Ethereum is trading above the $1,350 resistance and the 100 hourly simple moving average. Furthermore, there is a connecting bullish trend line forming with support near $1,345 on the hourly chart of ETH/USD. If the price can stay above the $1,320 support zone, it may open the doors for another increase in the near future.
In terms of upside targets, the first major resistance for Ethereum is near the $1,420 level. If the price manages to break past this level, it could open the doors for a larger surge towards the $1,450 resistance. If the bulls manage to push the price past this level, it could pave the way for a move towards the $1,500 level.
On the other hand, if the Ethereum price fails to stay above the $1,320 support, it could start a downside correction. The first major support on the downside is near the $1,300 level, below which the bulls could face intense selling pressure. Further losses could lead the price towards the $1,250 support level.
Overall, the Ethereum price is showing a lot of positive signs above the $1,320 support. If the bulls can keep the price above this level, it could start another increase in the near future.