- ETH price managed to gain traction during the past few hours against the US Dollar and traded higher.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken during the upside move.
- There is now a bullish trend line formed on the same chart, acting as a support area.
Ethereum price managed to pop higher against the US dollar, and currently looks positive for more gains in the near term.
Ethereum Price Resistance Break
Ethereum price ETH after a minor downside move found buyers near $11.00 versus the US Dollar and started to move higher. There was a nice upside move, as the price broke a couple of important hurdles. First, yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was cleared. Second, the 50% Fib retracement level of the last drop from the $11.28 high to $10.52 low was broken.
Lastly, the price also moved above the 100 hourly simple moving average. So, we can say that the recent break is encouraging and now the ETH bulls need to keep the pace for more gains. There is now a now a bullish trend line formed on the same chart.