Ethereum Price Technical Analysis – ETH/USD Eyeing $25?

Key Highlights

• ETH price surged further higher against the US Dollar and moved above $23.10.
• There are two bullish trend lines formed on the hourly chart (ETH/USD, data feed via SimpleFX), which might act as a support near $22.80.
• Overall, the trend is super bullish for the price, and it may test $25 in the near term.

Ethereum price bullish momentum continued against the US Dollar, as ETH/USD now looks set for a move towards the $25 handle.

Ethereum Price Trend

The upside momentum for ETH price extended as it was above to move above $22.80 and $23.10 against the US Dollar. All the highs were broken, as it formed a new high almost every session for the past two days. In this way, there is a chance that the price may trade towards $25 in the near term. The price cleared all hurdles on the way up, and managed to settle above $22. If the current momentum stays intact, there can be more gains.

On the upside, the price is currently trading near $23.70, and looking to extend gains. A push towards $24 is very likely where there can be a reaction. If the price corrects lower, there can be many supports. First, there are two bullish trend lines formed on the hourly chart (ETH/USD, data feed via SimpleFX) with support near $22.80. Moreover, the 23.6% Fib retracement level of the last wave from the $16.83 low to $23.70 high might also act as a support near $22.10.

However, whenever a correction initiates, there could be a move towards the 50% Fib retracement level of the last wave from the $16.83 low to $23.70 high at $20.20. All in all, the trend is positive with $25 in sight.

Hourly MACD – The MACD is extremely in the bullish zone.

Hourly RSI – The RSI is in the overbought levels, looking to extend gains.

Major Support Level – $22.80

Major Resistance Level – $24.00

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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