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Key Highlights
- ETH price succeeded in moving higher this past week to trade above $900 against the US Dollar.
- There is a key ascending channel forming with support at $880 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair may continue to rise as long as the mentioned $880 support is intact.
Ethereum price is placed nicely in the bullish zone against the US Dollar and Bitcoin. ETH/USD is currently correcting lower, but it remains supported above $880.
Ethereum Price Support
There was a fresh start of an upside wave in ETH price from the $710 swing low against the US Dollar. The price gained upside momentum and moved above the $800 and $900 resistance levels. During the upside move, it traded above the 38.2% Fib retracement level of the last decline from the $1,229 high to $553 low. It also succeeded in settling above the $800 level and the 100 simple moving average (4-hours).
More importantly, there was a break above the 50% Fib retracement level of the last decline from the $1,229 high to $553 low. At the moment, it seems like there is a key ascending channel forming with support at $880 on the 4-hours chart of ETH/USD. The pair is following the channel nicely, but it may dip towards the $890-880 support area. It seems to be struggling to break the 61.8% Fib retracement level of the last decline from the $1,229 high to $553 low. However, the channel support near $880 is a crucial barrier for sellers.
More importantly, 100 SMA is at $850 to act as the next key support. On the upside, the price has to move above the $970 and $990 levels to gain further upside momentum.
4-hours MACD – The MACD is currently showing a few positive signs in the bullish zone.
4-hours RSI – The RSI is moving lower towards the 50 level.
Major Support Level – $880
Major Resistance Level – $990
Charts courtesy – SimpleFX
