Key Highlights
- ETH price is rising and is currently trading above the $920 level against the US Dollar.
- There is a key bullish trend line forming with support at $890 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair may continue to rise and it could even break the recent high of $936 for more gains.
Ethereum price is trading with bullish price action against the US Dollar and Bitcoin. ETH/USD may soon break the $935-940 levels to gain further upside momentum.
Ethereum Price Support
There were bullish moves above $860 during the past few sessions in ETH price against the US Dollar. The price was above the move above the $900 and $910 resistance levels. It traded as high as $936 and is currently consolidating gains. It moved down once and traded below the 23.6% Fib retracement level of the last wave from the $868 low to $936 high.
However, the downside move was limited and the pair found support near $890-900. Moreover, the 50% Fib retracement level of the last wave from the $868 low to $936 high acted as a support. There was an upside reaction and the price moved back above the $910 level. On the downside, there is a key bullish trend line forming with support at $890 on the hourly chart of ETH/USD. The pair is trading with a positive bias above the $920 level. Any dips from the current levels remain supported around the $900 and $890 levels.
On the upside, the pair may soon move above the $935 level once again. Once it break $935, it could even move above the $950 level. Further above $950, there could more gains toward the $980 level.
Hourly MACD – The MACD has slightly reduced the bullish slope, but it is still positive.
Hourly RSI – The RSI is once again moving higher after testing the 50 level.
Major Support Level – $900
Major Resistance Level – $935
Charts courtesy – SimpleFX
