- ETH price spiked higher against the US Dollar during the past two days and registered good gains.
- There is a nice bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a buying zone.
- It looks like the price is again heading towards the last swing high of $13.00.
Ethereum price bounced sharply during the weekend against the US Dollar, as ETH buyers stepped in to push the price higher.
Ethereum Price Upside Move
Ethereum price traded towards the $13.00 handle recently against the US Dollar, but it found sellers and traded lower. There was a sharp decline, but the downside stopped near a nice bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. The price is now back in the bullish zone. It moved above the 38.2% Fib retracement level of the last drop from the $12.91 high to $12.02 low.
However, the price is currently struggling to break a minor bearish trend line formed on the same chart. Moreover, there is also no hourly close above the 61.8% Fib retracement level of the last drop from the $12.91 high to $12.02 low. So, there is a chance of a minor dip before the price may head higher again. The recent upside surge says a lot, and suggests that the price is in an uptrend.
On the upside, the $13.00 handle may be tested again. However, it won’t be an easy ride for the bulls. If the bulls continue to chase the market when its uptrend, then may fail. On the downside, the $12.40 level is a good support forming, which may provide bids.
Hourly MACD – The MACD is now in the bearish zone, but may change slope soon.
Hourly RSI – The RSI is struggling to move back above the 50 level, which is a slight negative sign.
Major Support Level – $12.40.
Major Resistance Level – $13.00
Charts courtesy – SimpleFX