- ETH price recovered from the $333.0 low against the US Dollar and heading for further gains.
- Yesterday’s highlighted a solid connecting bullish trend line with current support at $338 on the hourly chart of ETH/USD (data feed via SimpleFX) is still intact.
- The pair is likely to break the $349.05 high for a move towards the $352-353 levels.
Ethereum price is set to gain bullish pace against the US Dollar against Bitcoin. ETH/USD might soon break higher towards the $355 level.
Ethereum Price Buy Dips
There was a minor dip in ETH price towards the $333.00 level yesterday against the US Dollar. Later, the price was able to recover and moved above the 50% Fib retracement level of the last decline from the $349.05 high to $333.01 low. It is a positive sign and could take the price further higher towards $349.00 or even above it. The current market sentiment is positive above $344 with back to back bullish candles.
Recently, the price broke the 76.4% Fib retracement level of the last decline from the $349.05 high to $333.01 low. Therefore, it is likely to break the $349.05 high and trade further higher. On the downside, yesterdays highlighted a solid connecting bullish trend line with current support at $338 on the hourly chart of ETH/USD is acting as a strong support. The next upside target could be the 1.236 extension of the last decline from the $349.05 high to $333.01 low at $352.84.
On the downside, an initial support is near $342. However, the most important support is around the trend line at $338. Buying dips in the short term towards $340 can be considered with a stop below the trend line or $335.
Hourly MACD – The MACD is back in the bullish zone.
Hourly RSI – The RSI is moving higher and remains well above the 50 level.
Major Support Level – $3338
Major Resistance Level – $352.80
Charts courtesy – SimpleFX