Ethereum Price Key Highlights
- Ethereum price moved higher and managed to settle above a major resistance area of 0.00250BTC.
- The price is under a bullish pressure, and it is likely that we may witness more upsides in the near term.
- There is a major bullish trend line formed on the hourly chart, which can be seen as a buying zone.
Ethereum price traded higher and it looks set for more gains moving ahead as buyers managed to clear a major hurdle.
0.00250BTC as Support
The Ethereum price gained heavily recently, as sellers failed to take the price below 0.00150BTC. There was a solid upside move, taking the price higher above the 100 hourly simple moving average. The mentioned MA is not moving along with the price and acting as a catalyst for an upside move. There is now a bullish trend line formed on the hourly chart, which is providing support and helping buyers when the price moves lower.
Let us say that the price moves lower from the current levels, then it might find support near the 23.6% Fib retracement level of the last move from the 0.00183BTC low to 0.00292BTC high. The next level of interest can be around the Middle Bollinger Band, which is coinciding with the 50% Fib level. The most important support area is around the 61.8% fib level, as it is positioned with the highlighted trend line and support area. The 100 hourly MA is also a major barrier for sellers on the downside.
On the upside, the most important resistance could be around the last swing high of 0.00292BTC. A break above the same might take the Ethereum price towards 0.00300BTC
Intraday Support Level – 0.00250BTC
Intraday Resistance Level – 0.00292BTC
The hourly RSI is above the 50 level, suggesting more gains are likely.
Charts courtesy of Trading View