- ETH price surged higher against the US Dollar and broke the $9.20 resistance.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to clear the way for more gains.
- The price looks set for a test of the $10.00 handle if the current trend remains intact.
Ethereum price gained heavy bids against the US Dollar, and moved higher. It looks like the ETH/USD pair is now bullish and set for more upsides.
Ethereum Price Buy
Yesterday, we saw how ETH price was struggling to break the $8.40 level against the US Dollar. There were a couple of attempts to break the stated level, but the bulls failed. Later, the price gained momentum, and managed to break the $8.40 level. The price charged higher, and also cleared the $9.20 resistance. As of writing, the price already trading above the $9.50 level, and looks set for a move towards $10.00.
During the upside move, the ETH buyers managed to break yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. There was a bounce from the 38.2% Fib retracement level of the last wave from the $6.87 low to $8.40 high. At the moment, the price is looking to break the $9.75 level, and if it succeeds, there can be a move towards $10.00.
On the downside, there is a bullish trend line on the hourly chart, acting as a support near $9.40. Moreover, the 23.6% Fib retracement level of the last wave from the $7.95 low to $9.73 high may also act as a support. Overall, one may consider buying dips in ETH/USD as long as the price is above $8.40.
Hourly MACD – The MACD is now strongly in the bullish slope.
Hourly RSI – The RSI has reached the overbought levels, but with no sign of a correction.
Major Support Level – $9.20
Major Resistance Level – $10.00
Charts courtesy – SimpleFX