Key Highlights
- ETH price started an uptrend against the US Dollar, and may continue to trade higher.
- There are a couple of bullish trend lines formed on the daily chart (data feed via SimpleFX) of ETH/USD, which are acting as a catalyst for an upside move.
- The price may soon be reaching the last swing high of $11.43 where it may find resistance.
Ethereum price gained bullish traction this past week against the US Dollar and it looks like the ETH/USD pair may soon trade above $11.40.
Ethereum Price Support
We saw some good swing moves in Ehereum price against the US Dollar, as the price settled above the $11.00 level. There as a nice upside move, breaking resistance levels like $10.40 and $10.60. The price after dipping below the $10.00 support recovered and managed to gain traction. There was a break above the 23.6% fib retracement level of the last decline from the $11.43 high to $8.99 low.
The price is currently trading with a positive tone, and following a couple of bullish trend lines formed on the daily chart (data feed via SimpleFX) of ETH/USD. The price is well supported near the trend line area at $10.50, which is a nice buy area. The most important thing is the fact that the price is above the 50% fib retracement level of the last decline from the $11.43 high to $8.99 low. So, there are chances of more gains in the near term.
There is a high possibility of a test of the full 100% swing at $11.43. If the momentum stays with the ETH bulls, the price could even test the 1.236 extension of the last decline from the $11.43 high to $8.99 low at $11.99.
Daily MACD – The MACD is in the bullish zone, which is a positive sign.
Daily RSI – The RSI is well above the 50 level, suggesting further gains.
Major Support Level – $11.00
Major Resistance Level – $11.40
Charts courtesy – SimpleFX
