Key Highlights
- ETH price is rising higher and currently trading near the $328 level against the US Dollar.
- There is an ascending channel with support at $319 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is likely to continue higher and it could even break the channel resistance at $329 for more gains.
Ethereum price is slowly gaining momentum against the US Dollar against Bitcoin. ETH/USD has formed a decent support around $319-320 for further upsides.
Ethereum Price Uptrend
There was a decent upside in ETH price as it crawled above the $319-320 resistance area against the US Dollar. The price is trading with a positive bias with supports at $319, $315 and $311. It is already above the 50% Fib retracement level of the last decline from the $344.46 high to $290.34 low, which is a positive sign. The next important bullish sign is a close above $308 and the 100 hourly simple moving average.
At the moment, the price is trading near the $328 level. There is an ascending channel with support at $319 forming on the hourly chart of ETH/USD. The channel resistance is just below the 76.4% Fib retracement level of the last decline from the $344.46 high to $290.34 low. Therefore, once there is a close above channel resistance at $329-330, there can a move towards the last swing high of $344.
On the downside, the channel support at $319-320 is a crucial support. Below it, the 100 hourly simple moving average is positioned at $316.50. Overall, buying dips in the near term towards $319-316 might be considered. Once the price gains momentum, there could even be break above the $344 level for a test of $350.
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI – The RSI is well above the 50 level.
Major Support Level – $319
Major Resistance Level – $329
Charts courtesy – SimpleFX
