Ethereum Price Climbing Higher, Tests $1,350 Resistance Zone

• Ethereum price climbed higher above the $1,320 resistance zone against the US Dollar.
• There is a key bullish trend line forming with support near $1,295 on the hourly chart of ETH/USD.
• Ethereum could start another increase if it stays above the $1,280 support zone.

Ethereum has been on a roll lately, with the price of the world’s second-largest crypto asset climbing higher against the US Dollar. After breaking above the $1,300 and $1,320 resistance levels, Ethereum managed to push further upwards, testing the $1,350 zone. In order to analyze the ongoing bullish move, it is important to take a look at the hourly chart of ETH/USD.

The chart shows that Ethereum started a decent increase above the $1,300 resistance level and was able to settle above the $1,320 resistance zone. This allowed the bulls to gain momentum and push the price towards the $1,350 resistance zone. A high was formed near $1,346 and the price is now consolidating gains.

At the moment, Ethereum is trading above the $1,320 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,295 on the hourly chart of ETH/USD. If the pair stays above the trend line support, it could start another increase. An immediate resistance is near the $1,340 level. The next major resistance is near the $1,350 level. A proper close above the $1,350 resistance could another decent increase.

If the bulls remain in action, the price could surpass the $1,350 resistance zone. In the stated case, the price may perhaps climb higher towards the $1,420 resistance. Any more gains might send the price towards $1,500, above which the price could attempt to reach the $1,600 resistance level.

On the downside, the $1,280 support zone is an important support. If Ethereum fails to stay above the $1,280 support, it could start a downside correction. The next key support is near the $1,200 level, below which the bulls might struggle to defend further losses.

In conclusion, Ethereum is trading near a crucial support zone near $1,280. If there is a downside break and close below the $1,280 support, there could be a short-term bearish reaction. On the upside, a clear break above the $1,350 resistance zone could start another surge in the near term.

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