- Ethereum price slowly and steadily moving higher against the US dollar, and looks set for more upsides.
- There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is almost breached as this analysis was written.
- A successful close above the trend line resistance could ignite more gains in the near term.
Ethereum price after finding buyers below $14.00 started to move higher, and currently looks set to break a major resistance.
Ethereum Price Break
Ethereum price ETH started recovering this past week, and it looks like the price is set for more upsides in the short term. As mentioned, the price is currently attempting to close above a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD. If there is a successful close above the trend line resistance, then the ETH bulls may gain control for a move towards $15.00.
The price is also above the 100-hourly simple moving average, which is a sign that the current momentum is with the bulls. On the upside, an intermediate resistance is near the 50% Fib retracement level of the last leg from the $15.10 high to $13.70 low. So, a trend line break along with the stated level fib clearance might push the price towards $15.00.
If there is no close above the trend line resistance, then there is a chance of ETH moving down. In that situation, the 100 hourly simple moving average may act as a support area. I think one should wait for a break in order to enter a buy trade with a stop below 100 SMA.
Hourly MACD – The MACD may move to the bullish area, signaling a break ahead.
Hourly RSI – The RSI is above the 50 level, which is a bullish sign in the short term.
Major Support Level – $14.00
Major Resistance Level – $14.50
Charts courtesy of Kraken via Trading View