- ETH price continued to mount higher against the US Dollar and posted good gains intraday.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to clear the upside path.
- My idea of buying ETH worked as the price remained in an uptrend.
Ethereum price continued to rocket higher versus the US Dollar, and it looks like there are more upsides left in the near term.
Ethereum Price Upside Continuation
Ethereum price was unstoppable during the past 24 hours, as it traded further higher against the US Dollar. There was a new high above yesterday’s high, as the price climbed above $13.20. There was a solid rise in the price taking it above a couple of important hurdles. The price broke yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. Moreover, there was an hourly close above the $13.00 handle as well.
There is now a minor bullish trend line formed on the same hourly chart, which can act as a support if the price corrects lower. An initial support on the downside is at the 23.6% Fib retracement level of the last wave from the $12.01 low to $13.26. There is a high possibility that the price may continue to move higher in the near term. The next stop on the upside could be around the $13.50 level.
Any minor corrections from the current levels can be considered as a positive sign and buying opportunity. Moreover, the broken resistance area at $12.90-$13.00 can also be seen as a major support moving ahead. No doubt, buyers are in control and looking for more gains.
Hourly MACD – The MACD is mostly in the bullish zone, calling for more gains.
Hourly RSI – The RSI is reaching oversold readings, which may produce a minor correction.
Major Support Level – $13.00
Major Resistance Level – $13.50
Charts courtesy – SimpleFX