The second crypto by market capitalization is moving above the $1300 area. It could climb higher if Ethereum buyers push the price above $1370. Incidentally, this crypto is showing positive signs above a key zone. This is an area between $1320 and $1330. However, the 100 hourly moving average is found above the price as resistance. We can also find an ascending triangle leading towards the resistance of $1350.
Ethereum: buyers are gaining strength
Ethereum shot up sharply after breaking through the resistances of $1300 and $1320. It even broke above $1350 and crosses above the 100 hourly moving average.
However, the price could not overcome the hurdle around $1370. Indeed, buyers capitulated around this level, driving a bearish correction on Ethereum. Ether price crosses below the 23.6% level of the Fib retracement of the upswing. ETH is now trading above $1320 and the 100 hourly moving average. Added to this is the formation of the squeeze that leads towards $1350, under pressure from Ethereum buyers.
The closest hurdle is found at $1350, which also lines up with a triangular trendline. However, the first major resistance stands around $1365 and $1370.
Do not neglect the barrier that is near the $1400 area. A bullish close above this zone could increase the strength of Ethereum buyers. In this case, the price could climb towards $1500 and beyond.
What bearish scenario?
If the buyers capitulate on the resistance of $1350, Ethereum may continue to decline. In this case, the closest support is found at $1320.
However, the major support is found near the $1310 level. Indeed, this is a key level as it lines up with the 50% level of the Fibonacci retracement of the move between $1250 and $1370. If there is a breakout of the $1300 zone, one could consider a decline to $1270 in the short term.
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