Key Highlights
- ETH price managed to gain traction during the past few hours against the US Dollar and traded higher.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken during the upside move.
- There is now a bullish trend line formed on the same chart, acting as a support area.
Ethereum price managed to pop higher against the US dollar, and currently looks positive for more gains in the near term.
Ethereum Price Resistance Break
Ethereum price ETH after a minor downside move found buyers near $11.00 versus the US Dollar and started to move higher. There was a nice upside move, as the price broke a couple of important hurdles. First, yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was cleared. Second, the 50% Fib retracement level of the last drop from the $11.28 high to $10.52 low was broken.
Lastly, the price also moved above the 100 hourly simple moving average. So, we can say that the recent break is encouraging and now the ETH bulls need to keep the pace for more gains. There is now a now a bullish trend line formed on the same chart. It is acting as a buying zone and providing support. As long as the price is above it, there are chances of more upsides in the short term.
The bulls need to clear the $11.20 and then $11.50 resistance for a sustained move higher. On the downside, the 23.6% Fib retracement level of the last wave from the $10.52 low to $11.18 high can be seen as a support area.
Hourly MACD – The MACD is strongly placed in the bullish zone, which is a positive sign.
Hourly RSI – The RSI is also above the 50 level, and calling for more gains.
Major Support Level – $11.00
Major Resistance Level – $11.20
Charts courtesy – SimpleFX