Ethereum Price Technical Analysis – ETH/USD Targets Fresh Highs

Key Highlights

• ETH price extended gains above $260 and traded to a new high at $263.73 against the US Dollar.
• There is an ascending channel pattern forming with support at $255 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair may soon break the $263.73 high and trade towards $268.10 in the near term.

Ethereum price gained further against the US Dollar and Bitcoin, and now ETH/USD is looking to extend gains above $263 towards $268-270.

Ethereum Price Bullish Extension

There was yet another spike in ETH price above $245 against the US Dollar. A new high was formed at $263.73, as the bullish trend remains intact. The price recently corrected lower, and moved towards the $245 level where it found support. Yesterday’s highlighted bullish trend line with support at $238 on the hourly chart is still intact. It can be considered as the current trend support near $240.245.

There is also an ascending channel pattern forming with support at $255 on the hourly chart of ETH/USD. It is currently pushing the price up, and holding losses below $245. There is already a break above the 61.8% Fib retracement level of the last decline from the $263 high to $245 low. So, there are chances of a break above the last swing high at $263.73 for a new all-time high.

The next major resistance on the upside is at $268.10. It represents the 1.236 extension of the last decline from the $263 high to $245 low. As long as the channel and the trend line support at $240 is intact, ETH may break $263 towards $268. Above $268, the price could even challenge sellers at $275. The 100 hourly simple moving average is at $234 and moving nicely higher, which is a positive sign.

Hourly MACD – The MACD is placed well in the bullish slope.

Hourly RSI – The RSI is near the 65 level, and showing positive signs.

Major Support Level – $240

Major Resistance Level – $268

 

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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