- Ethereum price continued to move higher, as the ETH bulls managed to outpace sellers.
- There was a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which was cleared during the upside drift.
- Any corrections from the current levels may present the buyers an opportunity to enter a buy trade.
Ethereum price surprised many traders by rocketing higher once again. I think there is a room for more gains in the near term in ETH/USD.
Ethereum Price – Planning to Buy?
Ethereum price ETH surged higher against the US Dollar, and the hourly chart clearly suggests how strong the move was in ETH/USD. The price traded as high as $9.44 where it found sellers and corrected lower towards $8.40. It once again managed to gain traction, and started to move higher. During the recent upside move, the bulls managed to break a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD.
Moreover, the price also cleared the 38.2% Fibonacci retracement level of the last drop from the $9.44 high to $8.40 low. So, there is a chance of more upsides in the near term. If the price corrects lower from the current levels, then it may find bids near the broken trend line or at $8.65.
Overall, one may consider buying dips in the short term, as long as the price stays above the recent low of $8.40 and look for a retest of $9.40. If the ETH bulls remain in action, then a test of $10.0 is also possible in the near future.
Hourly MACD – The MACD is in the bullish slope, suggesting more gains moving ahead.
Hourly RSI – The RSI is placed well above the 50 level, which is a bullish sign for traders looking to enter a buy trade.
Intraday Support Level – $8.65
Intraday Resistance Level – $9.20
Charts courtesy of Kraken via Trading View
Header Image courtesy of NewsBTC All Rights Reserved