Here’s why. The Ethereum price appears to be poised for another surge above $1,500.

Ethereum is trading above the $1,350 resistance level against the US dollar. If there is a clear move above the $1,400 resistance, ETH could gain bullish momentum.

• Ethereum is gaining momentum and has recently traded above the $1,375 mark.

• The price is currently trading above $1,350 as well as the 100 hourly simple moving average.

• On the hourly chart of ETH/USD, there was a break above a major bearish trend line with resistance near $1,355. (Data feed via Kraken).

• If there is a clear move above the $1,400 resistance, the pair could continue to rise.

The Ethereum Price Remains Stable.

Ethereum prices remained well above $1,000 and $1,000. ETH formed a base above the $1,320 level and began a new upward trend above the $1, 3330 level.

Above the $1,350 resistance level and the 100 hourly simple moving average, there was a steady rise. Furthermore, on the hourly chart of ETH/USD, there was a break above a major bearish trend line with resistance near $1,355. The pair even broke through the $1,375 resistance level.

A high near $1,385 was formed, and the price is now consolidating gains. The price of ether is currently trading above $1,350 and the 100 hourly simple moving average.

It is currently trading near the 23.6% Fib retracement level of the uptrend from the $1,316 swing low to the $1,385 high. On the upside, the price is coming up against resistance near the $1,385 mark. The first significant resistance is seen near $1,400.

A clear break above $1,400 could signal the start of a steady rise towards $1,450. The next major resistance level may be near $1,500, above which the price may gain bullish momentum. In the aforementioned scenario, the price could rise to $1,550.

Dips Accepted in ETH?

If ethereum fails to break through the $1,400 resistance level, it may begin a downward trend. On the downside, an initial support level is near $1,365.

The next major support is around $1,350. It is close to the 50% Fib retracement level of the upward move from the swing low of $1,316 to the high of $1,385. If the price falls below $1,350, it may move towards the $1,320 level as support.

Indicators of Technical Performance

Hourly MACD-The ETH/USD MACD is now moving into the bullish zone.

The hourly RSI for ETH/USD is now well above the 50 level.

$1,350 for major support.

$1,400 is the major resistance level.