Key Highlights
- ETH price made a nice upside move and broke the $800 resistance against the US Dollar.
- There was a break above yesterday’s pointed contracting triangle with resistance at $725 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is heading higher and it might continue to move higher towards the $850 and $900 levels.
Ethereum price is surging higher against the US Dollar and Bitcoin. ETH/USD might rocket higher and move toward $850-900 in the near term.
Ethereum Price Uptrend
There was a solid bullish trend in place for ETH price above $700 against the US Dollar. The price after correcting lower and completing a consolidation pattern above $700 broke higher. There was a break above a few important resistances such as $700 and $725. Furthermore, there was a break above the 76.4% Fib retracement level of the last decline from the $758 high to $611 low.
The current trend is super bullish above $720 and the 100 hourly simple moving average. During the upside, there was a break above yesterday’s pointed contracting triangle with resistance at $725 on the hourly chart of ETH/USD. The pair is now above the 1.236 Fib extension of the last decline from the $758 high to $611 low. These are all positive signs and means that the price might surge further towards $850 or $900. The next major resistance is around the 1.618 Fib extension of the last decline from the $758 high to $611 low around $850.
As long as the price is above the $725 level, it will most likely move higher. Moreover, the 100 hourly SMA is at $702 to act as a major buy zone. On the upside, the $850 and $900 are decent target levels.
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI – The RSI is moving higher in the overbought levels with no sign of a correction.
Major Support Level – $725
Major Resistance Level – $900
Charts courtesy – SimpleFX