Ethereum Price Key Highlights
- Ethereum price is trading with a nice bullish trend line on the hourly chart, which is helping buyers.
- The price after settling around 0.00230BTC managed to gain bids and traded above 0.00270BTC
- There are many positive signs on the hourly chart, suggesting there is more upside left.
Ethereum price managed to gain strength this past week, and might trade above 0.00320BTC in the near term.
100 MA as support?
The Ethereum price climbed higher this past week after finding support near 0.00230BTC. There is a nice bullish trend line formed on the hourly chart, which is supporting buyers and pushing the price higher. One positive sign is that the 100 hourly simple moving average is below the current price, which means the price is trading in a bullish zone.
It recently traded towards 0.00322BTC where it found sellers, which started a correction. The price fell and tested the highlighted bullish trend line and support area. The 100 MA also supported the price along with the 50% Fib retracement level of the last wave from the 0.00230BTC low to 0.00322BTC. The chance of a break lower is less, but if sellers take the price below the trend line, then the 76.4% fib level might be tested. Any further losses might be a bearish call for the price, which could even take it towards the last swing low of 0.00230BTC. The hourly RSI is above the 50 level, which is encouraging and might enable the buyers to take the price higher.
On the upside, an initial resistance is around 0.00300BTC. A break above it could take the price towards the last high.
Intraday Support Level – 0.00280BTC
Intraday Resistance Level – 0.00300BTC
The hourly MACD has moved in the bullish zone, highlighting gains in the near term.
Charts courtesy of Trading View