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Key Highlights
- Ethereum price finally managed to gain traction this past week against the US Dollar for a move towards $11.00.
- There was a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX), which was broken during the upside move.
- The price is currently in the bullish zone, but struggling to gain further momentum above $11.00.
Ethereum price spiked higher this past week and closed above a major hurdle against the US Dollar. More gains possible in ETH/USD moving ahead?
Ethereum Price Upside Break
This past we saw how there was an upside break in Ethereum price against the US Dollar for a move towards the $11.00 level. The price also managed to move higher against the Bitcoin, which was a positive sigh. The ETH/USD pair initially broke the 23.6% Fib retracement level of the last decline from the $14.26 high to $5.69 low, which opened the doors for more gains.
Later, the price managed to clear a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX). This further ignited an upside move. The price then moved above the 50% Fib retracement level of the last decline from the $14.26 high to $5.69 low. However, the upside move stalled near a major hurdle at $11.00. The price failed to make a daily close above the stated level, and currently struggling.
The price at the moment is just above the 100-day simple moving average, and attempting to regain the bullish traction. If the price stays above the 100-day SMA at $9.00, then there are chances of more gains during this upcoming week.
Daily MACD – The MACD is now in the bullish zone, which is a good sign.
Daily RSI – The RSI is well above the 50 level, suggesting bullish bias in the near term for ETH price.
Major Support Level – $9.00
Major Resistance Level – $11.00
Charts courtesy – SimpleFX
