- Ethereum price surged higher this past week against the US Dollar, as the Hard Fork aftermath was a success.
- There is a bullish trend line formed on the daily chart (data feed via Kraken) of ETH/USD, which acted as a support on many occasions.
- Currently, the ETH/USD pair is currently facing as a major resistance around the $15.00 level.
Ethereum price had a good week against the US Dollar. Going forward, we need to see whether it can continue to gain pace or correct lower.
Ethereum Price Resistance
Ethereum price ETH gained heavily this past week against the US Dollar and surpassed a couple of crucial resistance levels. There was a break and close above the 100-day simple moving average, which was a big success for the ETH bulls. It means the price has moved into the bullish zone, and may continue to gain further traction in the short term.
There is a bullish trend line formed on the daily chart (data feed via Kraken) of ETH/USD, which is helping the bulls to stay in action and providing support. However, there is a major barrier for them on the upside around the $15.00 level. The mentioned level acted as a resistance earlier as well, and this time it can stop the upside move. Moreover, the 61.8% Fib retracement level of the last drop from the $21.30 high to $6.88 low is also waiting to provide offers on the upside.
I think due the importance of the highlighted resistance area, there is a chance of a minor correction in the ETH/USD pair in the near term.
Daily MACD – The MACD has moved into the bullish slope, which is a positive sign for the bulls.
Daily RSI – The RSI is well above the 50 level, suggesting the ETH bulls were successful in outpacing the bears.
Major Support Level – $13.00
Major Resistance Level – $15.00-50
Charts courtesy – SimpleFX