- There was a continuation of the uptrend as ETH price moved above the $96 level against the US Dollar.
- There are two important bullish trend lines with support at $92 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
- The price traded as high as $99.59, and was just shy of the all-important $100 level.
Ethereum price gained further momentum against the US Dollar and Bitcoin, and it looks like soon ETH/USD may break $100 for further gains.
Ethereum Price Remains Supported
In yesterday’s analysis, we noticed that the overall trend remains bullish in ETH price as long as the price is above $80 against the US Dollar. The price continued to gain momentum, as it moved above the $86.00 high. The upside surged as nasty, as the price even broke the $98 level, and almost tested the $100 level. There was a high formed at $99.59 (data feed via SimpleFX) before the price started correcting lower.
It is currently correcting lower, and may soon test the 23.6% Fib retracement level of the last wave from the $88.48 low to $99.59 high. There are many supports on the downside, including $96.00. There are also two important bullish trend lines with support at $92 formed on the hourly chart. The most important support could be near the 50% Fib retracement level of the last wave from the $88.48 low to $99.59 high at $94.00.
So, if the price moves down further, it could find support between $96-94. As long as the price is above $92, it may soon challenge the $100 level. A break above $100 is very likely, and buying dips remains a good option.
Hourly MACD – The MACD is placed very well in the bullish zone.
Hourly RSI – The RSI is currently moving around the overbought levels with no sign of a correction.
Major Support Level – $94
Major Resistance Level – $100
Charts courtesy – SimpleFX