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.
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.
Hourly RSI – The RSI is near the overbought levels above 70.
Major Support Level – $335
Major Resistance Level – $350
Charts courtesy – SimpleFX
