Key Highlights
- Ethereum price traded with a positive tone this past week versus the US Dollar, and moved above the $14.00 resistance area.
- There is a bullish trend line formed on the 4-hours chart (data feed via Kraken) of ETH/USD, which is acting as a support area.
- The price is currently trading below the 100 simple moving average (H4), which holds the key for the next break in ETH.
Ethereum price slowly and steadily moved higher this past week, and if it breaks 100 SMA (H4 chart), then more gains are likely.
Ethereum Price Rise
Ethereum price ETH managed to gain bids this past week and traded higher against the US Dollar to close the week above the $14.00 resistance area. However, the price is still below a major resistance area in the form of the 100 simple moving average (H4 chart), which acted as a hurdle many times before. It may play a major role for ETH in the near term, as a break above it could trigger more gains.
On the downside, there is a bullish trend line formed on the 4-hours chart (data feed via Kraken) of ETH/USD, which acted as a support zone on a number of occasions. As long as the price is above the highlighted trend line and resistance area, there are chances of ETH trading further higher.
However, the 38.2% Fib retracement level of the last leg from the $21.40 high to $10.13 low is positioned near the current price. So, it won’t be easy for the ETH bulls to break the stated fib level and then the 100 simple moving average (H4). Buying with a break can be considered, but with a tight stop.
4-hours MACD – The MACD may move towards the bearish slope, which is not a good sign for the bulls.
4-hours RSI – The RSI is above the 50 level, suggesting that the price is in an uptrend.
Weekly Support Level – $14.00
Weekly Resistance Level – $15.00
Charts courtesy of Kraken via Trading View
