Ethereum Price Technical Analysis – ETH/USD Eyeing $12.00?

Key Highlights

• ETH price surged past more resistances against the US Dollar and traded above the $11.10 resistance.
• There is a new tiny connecting bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD, which may act as a support on the downside.
• The price may continue to gain pace, and could even head higher towards the $12.00 handle.

Ethereum price maintained its bullish tone against the US Dollar and Bitcoin. ETH/USD now looks set for further gains may be towards $12.00.

Ethereum Price Upside Surge

There was no stopping the ETH buyers, as the ETH price surged past the $11.10 resistance area against the US Dollar. The ETH/BTC pair was seen trading higher, and moved above the 0.010BTC level. Yesterday, there was a minor dip in ETH/USD, taking the price towards the 23.6% Fib retracement level of the last wave from the $7.95 low to $9.73 high. The stated fib level acted as a support and helped the price in moving higher once again.

The price surged higher and broke the swing level at $9.80. The upside move was such that the price climbed above the $11.00 handle. It also cleared the $11.10 resistance area, and traded as high as $11.40. The ETH/USD pair is currently finding offers near the $11.40 resistance area. So, it may dip a few points before continuing higher. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $9.13 low to $11.40 high.

Moreover, there is also a new tiny connecting bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. As long as the price is above the $11.00 handle, one may consider buying on dips.

Hourly MACD – The MACD extended momentum in the bullish slope.

Hourly RSI – The RSI has reached the overbought levels, but still there is no sign of a correction.

Major Support Level – $11.00

Major Resistance Level – $11.40

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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