Ethereum gained bullish momentum after there was a close above $1,250. The pair could continue to rise if it clears the $1,420 resistance zone.
Ethereum Price Gains Pace
Ethereum moved into a positive zone after there was a close above the $1,200 and $1,250 levels. ETH cleared the $1,320 resistance zone to move further into a positive zone. It traded as high as $1,420 and settled well above the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,420 level.
The first major resistance is near the $1,450 zone. In the stated case, the price could rise towards the $1,580 resistance zone.
Dips Limited in ETH?
If ethereum fails to rise above the $1,450 resistance, it could start a downside correction. An initial support on the downside is near the $1,380 zone. The next major support is near the $1,350 zone and the trend line. A downside break below the $1,300 support may perhaps spark another decline.
Source: AAYUSH JINDAL | NEWSBTC.COM