- Ethereum price continued to trade with a bullish tone intraday and it looks like it may be setting up for a one more push up.
- There is a resistance trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which can be seen as the next target of ETH bulls.
- On the downside, there is a major support area formed near $8.00, which can be seen as a buy zone.
Ethereum price traded further higher, and then started consolidating gains. There is a chance of another upside move in ETH/USD moving ahead.
Ethereum Price Buy Dips?
Yesterday, I mentioned that there is a risk of more upsides in Ethereum price ETH against the US Dollar. The price did move a few points higher, but found sellers near a resistance trend line on the hourly chart (data feed via Kraken) of ETH/USD. There was a minor correction after failing to clear the trend line resistance, but the price found bids near a major support area.
On the downside, the $8.00 level, which acted as a resistance earlier is currently acting as a support for the price. The most important point is that the 100 hourly simple moving average is positioned just around the stated level. So, if Ethereum price moves down one more time, then the 100 MA and the highlighted support area could act as a buy zone for the bulls.
One may consider buying dips near the support area with a stop of an hourly close below the 100 SMA. On the upside, the next target for the buyers could be around the $8.80 level, which is coinciding with the resistance trend line.
Hourly MACD – The MACD is about to move to the bullish area, calling for a move higher.
Hourly RSI – The RSI is above the 50 level, which is encouraging for the ETH bulls.
Intraday Support Level – $8.00
Intraday Resistance Level – $8.80
Charts courtesy of Kraken via Trading View