Key Highlights
- ETH price surged higher by more than 60% this past week against the US Dollar to trade above $20.00.
- There was a break above a major resistance area at $14.80 on the daily chart (data feed via SimpleFX) of ETH/USD.
- The pair traded above the $20.00 handle, and currently facing sellers just below the last major swing high of $21.00.
Ethereum price was super bullish this past week against the US dollar to trade above $18 and $20, but now ETH/USD faces a major resistance.
Ethereum Price Resistance
It was an amazing week for ETH price, as it managed to gain by more than $4-5 gainst the US dollar. It was also seen trading higher against the Bitcoin, as ETH/BTC broke the 0.0120BTC resistance to trade above 0.0150BTC. The best part this past week was a close above the all-important $14.80 resistance area. The stated area at $14.80 and $15.00 acted as a major hurdle on many occasions. A break above it was a good sign for Ethereum buyers in the short term.
The price surged higher and traded above the $20.00 handle. A new high was set near $20.53. However, the price failed to trade towards the all-time high of $21.16 (data feed via SimpleFX). It is showing some signs of retreat already and moving down. There is a high chance that the price might correct lower and trade towards $17.00 level in the near term.
On the downside, an initial support is near the 23.6% fib retracement level of the last wave from the $5.69 low to $20.53 high. However, the price is clearly in a bullish trend, so any pullbacks may be considered as a buying opportunity. So, if you are a buyer, wait for the right time.
Daily MACD – The MACD is now in the bullish zone with good signs.
Daily RSI – The RSI is into the overbought levels, but no sign of a pullback.
Major Support Level – $17.00
Major Resistance Level – $21.00
Charts courtesy – SimpleFX