Ethereum Price Technical Analysis – ETH/USD Trend Tremendously Bullish

Key Highlights

• ETH price continued its surge and moved past the $15.80 resistance against the US Dollar.
• A crucial resistance trend line at $16.32 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken to ignite further gains.
• The current trend is super bullish, and the price may look to extend gains with support at $16.70.

Ethereum price rocketed above the $17.00 handle against the US Dollar, and it looks the ETH/USD is strongly bullish and remains buy on dips.

Ethereum Price Buy Zone?

Our idea of buying dips in ETH price worked again vs the US Dollar, as after a dip towards $15.30 the price moved higher. The price surged higher, and managed to break a monster resistance area at $15.80. It was a good opening for the bulls, as the price moved past the $17.00 handle as well. The most important point was that a major connecting bullish trend line at $16.10 is intact.

During the upside, there was a break above a crucial resistance trend line at $16.32 on the hourly chart of ETH/USD (data feed via SimpleFX). It is a clear sign that the price may continue to rise and might soon break the recent high of $17.36 for further gains. The next stop on the upside could be near $17.88. On the downside, an initial support and buy zone is at 23.6% Fib retracement level of the last wave from the $14.64 low to $17.36 high.

However, the most important support is near the broken resistance trend line at $16.32. It also coincides with the 38.2% Fib retracement level of the last wave from the $14.64 low to $17.36 high. So, one may consider buying with a stop below $16.00.

Hourly MACD – The MACD is super bullish, calling for more gains.

Hourly RSI – The RSI is well into the overbought levels.

Major Support Level – $16.70

Major Resistance Level – $17.40

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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