- ETH price found a strong support around the $525 level and recovered against the US Dollar.
- Yesterday’s highlighted important bullish trend line is intact with support at $518 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher and it may perhaps target a new high above the $545 level.
Ethereum price is trading with a positive bias against the US Dollar and Bitcoin. ETH/USD could accelerate gains above the $545 and $548 levels in the near term.
Ethereum Price Upside Move
After a downside correction below $530, ETH price found support against the US Dollar. The price tested the $520-525 support zone and recovered nicely. There was a decent base formed near the 50% Fib retracement level of the last leg from the $485 swing low to $548 high. More importantly, there was no break below $520 and the 100 hourly simple moving average.
A new upward wave was initiated and the price climbed above the $530 resistance. There was a break above the 50% Fib retracement level of the last decline from the $548 high to $517 low. At the moment, the price is trading near a major resistance zone and is testing the $545-548 zone. A break and close above this may perhaps open the doors for more gains above the $555 level in the near term. On the downside, yesterday’s highlighted important bullish trend line is intact with support at $518 on the hourly chart of ETH/USD. Before the trend line, the $525 support and the 100 hourly SMA could stop declines.
Looking at the chart, the price is trading with a positive bias above $530. A break above the $548 high could really put a lot of pressure on sellers and ETH could jump above the $555 level.
Hourly MACD – The MACD has moved back in the bullish zone.
Hourly RSI – The RSI is now back above the 55 level.
Major Support Level – $518
Major Resistance Level – $548