Key Highlights
- ETH price is gaining pace and it recently moved above the $380 level against the US Dollar.
- Yesterday’s highlighted major bullish trend line with current support at $368 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price remains buy on dips near the $370 and $368 levels in the near term.
Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD is now well above $368 and is eyeing more upsides.
Ethereum Price Support
There were continuing gains in ETH price above the $350 level against the US Dollar. The price was able to move above a major resistance at $368-370, which has opened the doors for more gains. Buyers were able to push the price above the $380 level and a new high was formed near $382.68. Later, a minor correction was initiated from $382.68, but the price remains well supported on the downside.
It recently tested the 38.2% Fib retracement level of the last wave from the $359.10 low to $382.68 high. However, there are many supports on the downside such as $368 and $365. More importantly, yesterday’s highlighted major bullish trend line with current support at $368 is intact on the hourly chart of ETH/USD. The same trend line support is near the 50% Fib retracement level of the last wave from the $359.10 low to $382.68 high. Moreover, the 100 hourly simple moving average and the $350 support are important buy zones.
Therefore, the price is likely to remain well bid above the $368 support in the near term. On the upside, the recent high near $382.68 might be retested soon. A break above $382 would call for more upsides may be towards the $390 and $400 levels.
Hourly MACD – The MACD placed well in the bullish zone.
Hourly RSI – The RSI is currently moving lower but remains well above the 50 level.
Major Support Level – $368
Major Resistance Level – $382
Charts courtesy – SimpleFX
