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Key Highlights
- Ethereum price managed to move higher against the US Dollar and broke a major resistance area.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD was broken during the recent upside ride.
- The price is now above the 100 hourly simple moving average, which is a positive sign for the bulls.
Ethereum price traded higher intraday, and looking at the current technical indicators it looks like it may trade further higher.
Ethereum Price Buy
Ethereum price ETH surged higher against the US Dollar and posted a critical break intraday (as forecasted in yesterday’s post). The price traded as high as $12.03 after the break where the bears appeared to defend any further gains. During the upside move, there was a break above yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD.
No doubt, the recent break in the ETH/USD pair is convincing, as the price settled above the 100 hourly simple moving average and also cleared the 50% Fib retracement level of the last drop from the $12.20 high to $10.85 low. Currently, the price is correcting lower, but it may find support on the downside, especially around the 100 hourly SMA and the broken trend line.
Moreover, the 50% Fib retracement level of the last wave up from the $10.83 low to $12.03 high may also act as a major support area for the bulls. On the upside, the $11.60 level can be seen as an immediate resistance, followed by the recent high of $12.03. I think buying dips may be considered as long as the price is above the 100 hourly SMA.
Hourly MACD – The MACD is in the bullish zone, signaling positive signs in the near term.
Hourly RSI – The RSI is above the 50 level, which is another bullish signal.
Major Support Level – $11.30
Major Resistance Level – $11.60
Charts courtesy – SimpleFX
