Key HighlightsETH price extended its gains and was able to move above $1400 against the US Dollar. There was a break above a major descending channel with resistance at $1230 on the 4-hours chart of ETH/USD (data feed via SimpleFX). The pair might continue to extend its gains above the $1400 level in the near term. Ethereum price is in a major uptrend against the US Dollar and Bitcoin. ETH/USD broke the $1400 level and it is likely to extend gains going forward. Ethereum Price RiseThis past was overall positive for ETH price as it remained supported above $1200 for more gains against the US Dollar. There was a dip towards the $1079 level where buyers appeared and protected losses. Later, a new upside wave was initiated and the price was able to move back above the $1200 and $1250 levels. The rise in ETH was excellent as it managed to move above the $1400 level and traded to a new all-time high at $1412.82. During the upside move, there was a break above a major descending channel with resistance at $1230 on the 4-hours chart of ETH/USD. At the moment, the price is correcting lower and is trading below the $1400 level. An initial support on the downside is around the 23.65% Fib retracement level of the last wave from the $1079 low to $1412 high. It seems like the price is placed nicely in the bullish zone above $1300 and it is very likely to move back above $1400 for more gains. On the downside, the most important support is around the 50% Fib retracement level of the last wave from the $1079 low to $1412 high at $1245. The same $1245 level acted as a resistance level and it may act as a buy zone in the near term.4-hours MACD – The MACD is nicely moving in the bullish zone.4-hours RSI – The RSI is currently near the 65 level with bullish signs. Major Support Level – $1245Major Resistance Level – $1400 Charts courtesy – SimpleFX Ethereum Price Weekly Analysis – ETH/USD Breaks $1400 was last modified: January 14th, 2018 by Aayush Jindal