Key Highlights
- Ethereum price climbed higher against the US Dollar recently and even managed to close above the $9.00 level.
- ETH/USD is currently trading near a bearish trend line formed on the hourly chart (data feed via Kraken), which may act as a catalyst for the next move.
- Looking at the technical indicators, there is a chance of ETH gaining traction in the short term.
Ethereum price traded with a bullish bias recently. If we consider the current price action, then ETH/USD may move higher in the near term.
Ethereum Price – Trend Line Break and Buy?
Ethereum price ETH showed once again that it’s not out of woods yet. There was a minor upside reaction during the past couple of sessions, as ETH/USD traded as high as $10.00 where it found offers. The price moved back towards the $8.50 support area, and currently attempting to move higher once again.
However, ETH is currently facing a hurdle in the form of a bearish trend line on the hourly chart (data feed via Kraken). Moreover, the 50% Fib retracement level of the last drop from the $10.00 high to $8.50 low is also around the same trend line and resistance area. On the positive side, the price is above the 100 hourly simple moving average, calling for more gains.
It looks like there is a chance of a minor dip before the bulls attempts to break the highlighted trend line and resistance area. One may consider buying with a break and close above the trend line resistance area. A stop should be an hourly close below the 100 SMA, and target can be $10.20 or even $10.50.
Hourly MACD – The MACD is about to change the slope to the bullish area, signaling an upside move.
Hourly RSI – The RSI is above the 50 level, which is also a bullish sign for ETH buyers.
Intraday Support Level – $8.85
Intraday Resistance Level – $9.50
Charts courtesy of Kraken via Trading View
