Key Highlights
- ETH price was able to regain the bullish strength and momentum and moved above $30.84 against the US Dollar to trade above $36.
- Yesterday’s highlighted contracting triangle pattern on the hourly chart (ETH/USD, data feed via SimpleFX) was broken to open the doors above $32.
- The price traded as high as $36.09, and looks set for further gains in the near term.
Ethereum price remained well in the bullish zone against the US dollar, as ETH/USD buyers were able to push the price above $36.
Ethereum Price Upside Ride to Continue
Yesterday, we saw a couple of important signs of the bullish continuation in ETH price against the US Dollar. The price did gain strength and was able to break all hurdles above $30.00. It retained the bullish pace and was able to break the last high above $30.84. The upside move was such that the price traded above the $36 level and traded as high as $36.09. If the current momentum stays intact, there is a chance of further gains towards the $38 or $40 levels.
The upside move was initiated once the price broke the $29.50 level. Moreover, yesterday’s highlighted contracting triangle pattern on the hourly chart (data feed via SimpleFX) was cleared around $30. It enabled ETH buyers to gain strength and take the price above $32. There are high chances that the price might continue to move higher above $36.09. It could easily test the $38 level in the near term.
On the downside, the price remains supported above $34. There is a new connecting bullish trend line formed with support at $34. So, if the price moves down, it might find support near $34 and $32.
Hourly MACD – The MACD is well into the bullish area, and gaining strength.
Hourly RSI – The RSI is well above the 50 level, and heading north.
Major Support Level – $32.00
Major Resistance Level – $38.00
Charts courtesy – SimpleFX
