- ETH price surged past more resistances against the US Dollar and traded above the $11.10 resistance.
- There is a new tiny connecting bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD, which may act as a support on the downside.
- The price may continue to gain pace, and could even head higher towards the $12.00 handle.
Ethereum price maintained its bullish tone against the US Dollar and Bitcoin. ETH/USD now looks set for further gains may be towards $12.00.
Ethereum Price Upside Surge
There was no stopping the ETH buyers, as the ETH price surged past the $11.10 resistance area against the US Dollar. The ETH/BTC pair was seen trading higher, and moved above the 0.010BTC level. Yesterday, there was a minor dip in ETH/USD, taking the price towards the 23.6% Fib retracement level of the last wave from the $7.95 low to $9.73 high. The stated fib level acted as a support and helped the price in moving higher once again.
The price surged higher and broke the swing level at $9.80. The upside move was such that the price climbed above the $11.00 handle. It also cleared the $11.10 resistance area, and traded as high as $11.40. The ETH/USD pair is currently finding offers near the $11.40 resistance area. So, it may dip a few points before continuing higher. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $9.13 low to $11.40 high.
Moreover, there is also a new tiny connecting bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. As long as the price is above the $11.00 handle, one may consider buying on dips.
Hourly MACD – The MACD extended momentum in the bullish slope.
Hourly RSI – The RSI has reached the overbought levels, but still there is no sign of a correction.
Major Support Level – $11.00
Major Resistance Level – $11.40
Charts courtesy – SimpleFX