- There were monstrous gains in ETH price as it traded above the $70 level against the US Dollar.
- There is a connecting bullish trend line with support at $68.00 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
- The price may correct a few points lower in the near term, but the overall trend remains bullish above $65.
Ethereum price rocketed higher above $65 and $70 level against the US Dollar, and gains in both ETH/USD and ETH/BTC to continue in the near term.
Ethereum Price Gains 20%
Yesterday, we saw how there was a major break in ETH price above $55 against the US Dollar. Later, the price corrected a few points, and then formed a base for another move above $58. The price traded higher sharply and was up by more than 20%. It broke many resistances on the way up like the $65 and $70 levels. The most important move was towards $70. The price traded as high as $70.48 recently, and currently correcting lower.
It is heading towards the 23.6% Fib retracement level of the last wave from the $60.60 low to $70.48 high. There is a major connecting bullish trend line with support at $68.00 formed on the hourly chart of ETH/USD. It is waiting to act as a support near $68 if the price moves down further. Any major dips from the current levels remain supported above $65. The ETH bulls are in charge and they may attempt further gains above $70.
On the downside, the 50% Fib retracement level of the last wave from the $60.60 low to $70.48 high is also a major support at $65.55. Buying dips remain idea in the current situation.
Hourly MACD – The MACD is moving nicely in the bullish zone.
Hourly RSI – The RSI is heading further higher in the overbought levels.
Major Support Level – $68.00
Major Resistance Level – $70.50
Charts courtesy – SimpleFX