Key Highlights
- Ethereum price continued to trade higher and finally my much awaited target of $15.00 was hit vs the US Dollar.
- A critical bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD was broken to clear the way for more gains.
- The price settled above the $15.00 level, which is a bullish sign and may call for more upsides.
Ethereum price was boosted recently against the US Dollar, and the ETH bulls managed to gain control for a ride higher.
Ethereum Price Buy
Ethereum price ETH after making a third attempt finally managed to move higher against the US Dollar. ETH/USD traded above a very important resistance area of $15.00 and settled above it. The price traded as high as $15.76 where it found sellers and may correct down in the near term. During the upside move, ETH/USD managed to break a bearish trend line formed on the hourly chart (data feed via Kraken).
The second most important point is the fact that the price moved above the 100 hourly simple moving average, which is a sign that the bulls are here to stay. If the price corrects lower from the current levels, then the 23.6% Fib retracement level of the last leg from the $13.80 low to $15.76 high may act as an initial support. The next one will be around the 38.2% Fib level of the same wave.
However, the most crucial support might be around $15.00, which acted as a resistance earlier, and could act as a buy zone for the bulls moving ahead.
Hourly MACD – The MACD is about to change the slope to bearish zone, which means a short-term correction is possible.
Hourly RSI – The RSI is around the overbought levels, calling for a minor correction in ETH.
Major Support Level – $15.30
Major Resistance Level – $15.75
Charts courtesy of Kraken via Trading View
