Key Highlights
- ETH price gained pace and managed to move above the $370 level against the US Dollar.
- There is a new major bullish trend line with current support at $365 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair might continue higher and dips towards $365-360 remains supported in the near term.
Ethereum price took out all hurdles and moved higher against the US Dollar against Bitcoin. ETH/USD remains buy on dips near $360-365.
Ethereum Price Upside Momentum
There was no stopping ETH price as it moved above the $370 level against the US Dollar. The price traded as high as $374.64 recently and looks set for further gains in the near term. Recently, there was a minor dip in the price, but buyers protected downsides below $350. The current momentum is positive and suggesting more gains towards $380 or even $388. If the price corrects lower from the current levels, it may face bids near $365-364.
On the downside, there is a new major bullish trend line with current support at $365 forming on the hourly chart of ETH/USD. The trend line support is positioned around the 23.6% Fib retracement level of the last wave from the $333.00 low to $374.64 high. The overall buying sentiment is set to gain pace, which could result in a push above $374. The most important psychological barrier sits around the $400 level where there can be strong offers.
However, the price is unlikely to test it one go. Therefore, there can another minor dip towards $364 or even $355 before the price trades towards $400. Buying dips remains a nice deal towards $364 in the near term.
Hourly MACD – The MACD is placed very well in the bullish zone.
Hourly RSI – The RSI is slowly correcting lower from the 70 level.
Major Support Level – $364
Major Resistance Level – $380
Charts courtesy – SimpleFX
