- ETH price after a mild correction against the US Dollar jumped higher to hit the $8.50 level.
- There is a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is likely to act as a support on the downside at $7.90-80.
- It looks like ETH buyers are now in control and may attempt to take the price further higher.
Ethereum price surged further higher after a tiny correction, and it looks like the ETH/USD pair is positioning for more gains in the near term.
Ethereum Price Upside Surge
ETH price started a nice upside move against the US Dollar and Bitcoin. An initial leg was completed near $7.60 from where the price corrected a few points lower. There was a move towards the 23.6% Fib retracement level of the last wave from the $5.69 low to $7.69 high at $7.10-00. The stated levels acted as a support area and produced a bounce in ETH/USD.
There was a solid rise in the pair, breaking a couple of important resistance levels. First, the $8.00 handle was broken, and second the price moved above the $8.20 pivot. A new weekly high of $8.53 was established before there were offers presented. The price is currently correcting lower, and about to test the 23.6% Fib retracement level of the last wave from the $7.06 low to $8.53 high. However, there is a chance of an extension of the current wave.
On the downside, there is a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. It may act as a major support on the downside around the $7.90-80 levels.
Hourly MACD – The MACD is placed well in the bullish zone, and signaling more gains.
Hourly RSI – The RSI is currently in the overbought levels, and may move down a bit.
Major Support Level – $7.90
Major Resistance Level – $8.80
Charts courtesy – SimpleFX