Ethereum Price Analysis: ETH bulls are gearing up for fresh record to above $1,477

ETH/USD stays in an uptrend even as immediate resistance line test buyers.
Upward sloping trend channel from January 10, upbeat oscillators favor the bulls.
200-bar SMA adds to the downside filters, channel’s resistance can probe buyers.

ETH/USD buyers battle the weekly resistance line, currently around $1,357, amid the initial trading on Wednesday. Even so, a two-week-old rising channel and strong RSI, not to forget the receding strength of the bearish MACD, suggest further upside of the quote.

However, the weekly falling trend line, at $1,378 now, guards the quote’s immediate upside, a break of which will escalate the north-run towards the recently flashed all-time high of $1,477.

Should RSI conditions stay away from the overbought area while targeting the record top, ETH/USD bulls can eye for the $1,500 threshold. Though, the upper line of the stated channel near $1,513, may challenge any extra north-run.

Meanwhile, repeated failures to cross the immediate resistance line can drag the quote towards a 100-bar SMA retest, currently around $1,234.

In a case where the profit-booking moves break $1,234, the lower line of the channel and 200-bar SMA, respectively around $1,110 and $1,067, will be the key to watch.

To sum up, Ethereum is destined to please the bulls, as portrayed by the rising channel, but short-term pullback can’t be ruled.

ETH/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	1367.98
Today Daily Change	0.00
Today Daily Change %	0.00%
Today daily open	1367.98

Trends
Daily SMA20	1238.62
Daily SMA50	915.16
Daily SMA100	696.65
Daily SMA200	527.01

Levels
Previous Daily High	1378.12
Previous Daily Low	1245
Previous Weekly High	1440
Previous Weekly Low	1040.21
Previous Monthly High	759
Previous Monthly Low	530.32
Daily Fibonacci 38.2%	1327.27
Daily Fibonacci 61.8%	1295.85
Daily Pivot Point S1	1282.61
Daily Pivot Point S2	1197.25
Daily Pivot Point S3	1149.49
Daily Pivot Point R1	1415.73
Daily Pivot Point R2	1463.49
Daily Pivot Point R3	1548.85

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