Key Highlights
- ETH price regained the bullish traction against the US Dollar, and moved above the $10.20 level.
- Yesterday’s highlighted connecting bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to clear the way for more upsides.
- The price traded as high as $10.27 before starting a correction or we can say consolidation.
Ethereum price traded higher intraday and moved past $10.20 against the USD. Let’s see if ETH/USD can gain more traction today or not.
Ethereum Price Upside Move
There was a start of an upside move in ETH price against the US Dollar yesterday, as the price moved higher. Later, there was further strength noted, taking the price above the $10.00 and $10.20 levels. The price managed to break the 61.8% Fib retracement level of the last decline from the $10.37 high to $9.57 low to open the gates for more gains.
The best part was the break above yesterday’s highlighted connecting bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. Later, there was a move above the 76.4% Fib retracement level of the last decline from the $10.37 high to $9.57 low as well. So, we can say that there was an upside break, taking the price as high as $10.27.
At the moment, the price is consolidating and trading in a range. There is a chance of a correction lower in the short term towards $10.10-10.00. The ETH/USD pair may even test the 23.6% Fib retracement level of the last wave from the $9.57 low to $10.27 high. However, the most important support on the downside remains near the broken trend line. In short, it looks like the price remains buy on dips, and one may look for a break above $10.27 going forward.
Hourly MACD – The MACD is back in the bullish zone, suggesting positive signs.
Hourly RSI – The RSI is well above the 50 level.
Major Support Level – $10.00
Major Resistance Level – $10.30
Charts courtesy – SimpleFX