- Ethereum price managed to pop higher vs the US Dollar and traded above the $9.00 resistance area.
- There was a contracting triangle pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which paved the way for more gains.
- The price is now comfortably placed above the 100 hourly simple moving average, which is a positive sign.
Ethereum price broke a major consolidation pattern, and if the ETH/USD bulls remain in control there is a chance of more upsides.
Ethereum Price – New Weekly High Possible?
Ethereum price ETH showed a lot of positive signs yesterday, as it managed to gain bids vs the US Dollar. There was a contracting triangle pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which was broken during the upside move. The price settled above the pattern resistance area, and even closed above $9.00.
One significant bullish sign is the fact that the price is now well above the 100 hourly simple moving average, suggesting that the ETH bulls are in control. There is a very high chance that ETH/USD may spike higher to test the recent high of $10.44, and if all goes well it might even break it to set a new weekly high. Currently, the price is trading near the 76.4% Fib retracement level of the last drop from the $10.44 high to $8.42 low.
So, if the price breaks the stated fib level, then it could easily head towards the $10.44 high. On the downside, the 100 hourly SMA holds the key and may continue to act as a support area.
Hourly MACD – The MACD looks like may change the slope to the bearish slope, which is not a good sign.
Hourly RSI – The RSI is well above the 50 level, calling for more gains in the short term.
Intraday Support Level – $9.00
Intraday Resistance Level – $10.00
Charts courtesy of Kraken via Trading View
Image courtesy of NewsBTC