- ETH price busted higher against the US Dollar, and broke many important resistances like $11.20 and $12.00.
- At the moment, there is a connecting bullish trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX) with support at $12.65.
- The pair may continue to remain in an uptrend since the bias has now changed to bullish.
Ethereum price traded sharply higher against the US Dollar to trade above $12.50. ETH/USD now remains supported and could trade further higher.
Ethereum Price Upside Momentum
We saw there were tiny range moves in ETH price against the US Dollar with resistance near $11.20. However, the price was able to find strength later yesterday, and spiked higher above the $11.20 resistance. Once the range pattern was cleared, there was a solid upside move. The price broke a lot many resistances like $12.00, $12.50 and $13.00. Later, it found resistance near $13.20, and started a correction.
The price has moved down a few points, and trading near the 23.6% Fib retracement level of the last wave from the $10.98 low to $13.22 high. It may find support near $12.65, as there is also a connecting bullish trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX). A break below it could ignite an extension of the current correction. In that case, the price might head towards the 38.2% Fib retracement level of the last wave from the $10.98 low to $13.22 high.
However, the chances of a break higher are more since the indicators are bullish. So, as long as the $12.65 support holds, the price may move back above $13.00. The next hurdle above $13.20 for ETH/USD is around the $13.40 level, which is a pivot zone as well.
Hourly MACD – The MACD is super bullish at the moment.
Hourly RSI – The RSI is in the overbought levels, suggesting caution.
Major Support Level – $12.65
Major Resistance Level – $13.20
Charts courtesy – SimpleFX