Key Highlights
- ETH price remained in an uptrend against the US Dollar, and tested the $11.30 level as forecasted.
- Yesterday’s highlighted ascending channel pattern on the hourly chart of ETH/USD (data feed via SimpleFX) is still active and taking the price higher.
- The price is likely to trade further higher may be towards the $11.43 level.
Ethereum price retained the bullish bias against the US Dollar to settle above $11.20. ETH/USD may continue to move higher in the short term.
Ethereum Price Trend
There were continuous bids presented, which is why there were more gains towards $11.30 in ETH price against the US Dollar. Yesterday, I mentioned that the price already broke the 50% Fib retracement level of the last decline from the $11.22 high to $10.88 low. It means, the chances of it testing the 1.236 extension of the same wave at $11.30 are very high. The price did trade higher, and tested the $11.30 level.
The most important part it the fact the price remains supported on the downside near $11.10. And, yesterday’s highlighted ascending channel pattern on the hourly chart of ETH/USD (data feed via SimpleFX) is positioned with support at $11.22. So, if the price dips from the current levels, the channel support at $11.20 may act as a support area. On the upside, there is a chance of the price testing the 1.618 extension of the last decline from the $11.22 high to $10.88 low at $11.43.
As long as the channel support is active, there can be more gains. However, I see signs of the price losing momentum, which is a warning sign. So, one should avoid entering with high risk, as there can be a correction lower.
Hourly MACD – The MACD is in the bullish slope, but slowly reducing the slope.
Hourly RSI – The RSI is well above the 50 level, which is a bullish sign.
Major Support Level – $11.10
Major Resistance Level – $11.43
Charts courtesy – SimpleFX
