- ETH price remained in a solid uptrend and moved above the $75 level against the US Dollar.
- There is a crucial bullish trend line formed with support at $73.00 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- On the upside, a break above the $75 level may call for further upsides in the near term.
Ethereum price is trading with a lot of bullish bias against the US Dollar and Bitcoin, and now ETH/USD is looking to move past $77 to $80.
Ethereum Price Next Break
This past week was an amazing ride for ETH price as it broke many resistances, including $70 against the US Dollar. There were nasty gains as the price moved higher by more than 40%. First, there was a break above the all-important $54.50 resistance level, which opened the doors for more gains. Next, the price broke a major hurdle at $60, which further cleared the upside path.
The last important break was above $72, which is major Fib extension, calling for further upsides. The price rocketed above the $75 level and traded as high as $76.92. A correction wave was initiated, and the price moved below the 23.6% Fib retracement level of the last wave from the $65.61 low to $76.92 high. The downside move extended towards $71.20 where it found support. The 50% Fib retracement level of the last wave from the $65.61 low to $76.92 high acted as a perfect support zone.
The price is now once again setting up for another upside ride above $75. On the downside, there is a crucial bullish trend line formed with support at $73.00 on the 4-hours chart of ETH/USD. It may soon break a contracting triangle resistance at $75.50 for further gains in the near term.
4-hours MACD – The MACD is strongly placed in the bullish zone.
4-hours RSI – The RSI is currently well into the overbought levels.
Major Support Level – $72.00
Major Resistance Level – $77.00
Charts courtesy – SimpleFX