Key Highlights
- ETH price traded further higher and tested the $389-390 levels against the US Dollar.
- Yesterday’s highlighted a major bullish trend line with current support at $375 on the hourly chart of ETH/USD (data feed via SimpleFX) is still intact.
- The pair might trade in a tiny range above $370 before making the next move in the near term.
Ethereum price traded above $380 against the US Dollar, and gained pace against Bitcoin. ETH/USD remains in bullish zone and poised for more gains.
Ethereum Price Consolidating Gains
Buyers succeeded in taking ETH price above the $380 level against the US Dollar. The price broke the $380 and $385 resistance levels to trade as high as $389.24. There was a slight selling pressure below the $390 level and as a result, the price started a correction. ETH is currently in the third wave from the $389.24 swing high. It has moved below the 23.6% Fib retracement level of the last wave from the $365.51 low to $387.27 high.
However, on the downside, there is a major support forming above $370. Yesterdays highlighted a major bullish trend line with current support at $375 on the hourly chart of ETH/USD is a major barrier. At the moment, the price is trading near the 38.2% Fib retracement level of the last wave from the $365.51 low to $387.27 high. Therefore, there are many supports on the downside up to $370.
The 50% Fib retracement level of the last wave from the $365.51 low to $387.27 high is also near $376. Overall, it looks like the price might trade in a range above $370 before making the next move. A break above the $385 level could open the doors for a new high above $389.24.
Hourly MACD – The MACD is still moving nicely in the bullish zone.
Hourly RSI – The RSI is moving lower towards the 50 level.
Major Support Level – $375
Major Resistance Level – $385
Charts courtesy – SimpleFX
