Key Highlights
- ETH price overcame all the odds and currently trading above the $19.00 resistance against the US Dollar.
- There is a nasty ascending bullish channel with support at $19.10 formed on the hourly chart of ETH/USD (data feed via SimpleFX).
- It looks like the ETH bulls are waiting for a push towards $20.00 before taking a breather.
Ethereum price is unstoppable at the moment against the US Dollar, and it looks like the ETH/USD may move soon double itself.
Ethereum Price Up By More Than 50%
There were further upsides in ETH price, as it marched above the $19.00 handle vs the US Dollar. This week ETH price is up by more than 50%, and it looks like the upside move is far from over. The next stop for the price seems like around the $20 level. If the current trend remains intact, it can be an easy ride for the bulls. A break above $20 is just a few points away. There is even a chance that the price may surpass the last high, and create a new all-time high above $21.50.
So, once there is a break above $20, the next stop would be the all-time high around $21.30. And, just like Bitcoin price, there is a chance that ETH price might also set a new high. At the moment, there is a solid ascending bullish channel formed with support at $19.10 on the hourly chart of ETH/USD (data feed via SimpleFX). It may continue to act as a catalyst, and push the price above $20.
Overall, the trend is SUPER bullish, and we may continue to see gains in ETH/USD. In no time, the price could break $20 for a move towards $21.30.
Hourly MACD – The MACD is extremely bullish, suggesting more upsides.
Hourly RSI – The RSI is around the overbought levels, but continuing the upside move.
Major Support Level – $19.00
Major Resistance Level – $20.00
Charts courtesy – SimpleFX