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Ethereum Price Technical Analysis ETH USD
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Ethereum Price Technical Analysis – ETH/USD Breaking Higher

Aayush Jindal by Aayush Jindal
5 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 4 mins read
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Key Highlights

  • ETH price climbed higher and broke the last resistance of $344 against the US Dollar.
  • There is solid connecting bullish trend line with support at $330 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is likely to surge higher and it might soon test the $360 level in the near term.

Ethereum price is picking up pace against the US Dollar against Bitcoin. ETH/USD is now above $344 and looking to test $360.

Ethereum Price Upside Break

An increase in the bullish sentiment for ETH price took it above the $335 resistance against the US Dollar. The price even managed to trade past the last swing high of $344 and currently trading above it. A new intraday high was formed near $349.05 from where the price started a minor correction. It tested the 23.6% Fib retracement level of the last wave from the $324.05 low to $349.05 high. Buyers appeared near $343 and prevented declines.

The price is once again moving higher and trading close to the $349 level. A break above it could take the price above $350. If buyers remain in control, there is even a chance of ETH testing $360 during the coming sessions. On the downside, the most important support is near the 50% Fib retracement level of the last wave from the $324.05 low to $349.05 high at $336. Moreover, there is solid connecting bullish trend line with support at $330 forming on the hourly chart of ETH/USD.

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Ethereum Price Technical Analysis ETH USD

As long as the pair is above $330, it is likely to continue moving higher. Buying dips towards $335-330 can be considered with a tight stop. On the upside, the price is very likely to test the $360 level.

Hourly MACD – The MACD is gaining pace in the bullish zone.

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Hourly RSI – The RSI is near the overbought levels above 70.

Major Support Level – $335

Major Resistance Level – $350

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Charts courtesy – SimpleFX

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Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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