- Ethereum price surged higher and traded near a major resistance area of $6.60-65.
- There is a breakout structure forming on hourly chart of Ethereum price (data feed via Kraken), which may act as a catalyst for the next move.
- The price is well above the 100 hourly simple moving average, calling for an upside break.
Ethereum price continued to trade higher this past week. Every dip was bought and if buyers gain control a new high above $6.70 is likely.
Ethereum Price – More Gains?
Ethereum price followed a nice bullish pattern this past week and challenged the $6.60-65 resistance area a couple of times. However, the stated level is acting as a barrier for buyers and stalling an upside move. There is a breakout structure forming on hourly chart of Ethereum price (data feed via Kraken), which can be carefully watched for the next move. If there is a break above the triangle resistance area, then there is a chance of the price setting up a new high.
The price is well above the 100 simple moving average (H1 chart, Kraken), suggesting that buyers are in control and may take it higher in the short term. On the downside, an initial support can be around the 23.6% Fib retracement level of the last leg from the $4.0 low to $6.65 high. If you are looking to sell, then you must keep an eye on the 100 hourly MA and the triangle support trend line.
On the upside, the next level on the upside could be around $7.0 where sellers may appear and take a stand to prevent further gains if there is a break higher.
Hourly MACD – The MACD is in the bullish slope, calling for more gains.
Hourly RSI – The RSI is heading towards the overbought levels, which may ignite a minor correction.
Intraday Support Level – $6.02
Intraday Resistance Level – $6.65
Charts courtesy of Kraken via Trading View