• Ethereum extended its increase above the $1,300 resistance zone against the US Dollar.
• The price is now trading above $1,300 and the 100 hourly simple moving average.
• Ethereum price started a decent increase above the $1,280 level with a potential of more gains.
The cryptocurrency market has been on a roll recently, with Ethereum (ETH) leading the charge. The second-largest cryptocurrency by market cap has extended its increase above the $1,300 resistance zone against the US Dollar.
The bulls have been in charge on the ETH/USD chart and have pushed the price above several key resistance levels. Ethereum is now trading above $1,300 and the 100 hourly simple moving average.
The upside move was supported by a major bullish trend line forming with support near $1,292 on the hourly chart of the ETH/USD pair. Ethereum climbed above the $1,280 and $1,300 resistance levels. The price even broke the $1,320 zone and traded to a new yearly high at $1,343.
However, the buyers failed to gain strength above the $1,350 resistance zone and a minor correction took place. ETH price broke the $1,325 and $1,320 levels. It is now trading below the 23.6% Fib retracement level of the upward move from the $1,262 swing low to $1,343 high.
On the downside, the first key support is near the $1,280 level. It is close to the 50% Fib retracement level of the upward move from the $1,262 swing low to $1,343 high. If there is a downside break below the $1,280 support, the price could revisit the $1,200 support level.
On the upside, the $1,320 level is a short-term resistance. If there is an upside break above the $1,320, the price could surge towards the $1,350 resistance. A clear break above the $1,350 resistance could open the doors for a larger increase in the coming sessions.
Overall, Ethereum is showing a lot of positive signs above the $1,300 level. If ETH stays above the $1,280 support zone, it could rise further in the near term towards the $1,350 resistance.