Ethereum Price Technical Analysis – ETH/USD Breaking Higher

Key Highlights

• ETH price climbed higher and broke the last resistance of $344 against the US Dollar.
• There is solid connecting bullish trend line with support at $330 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair is likely to surge higher and it might soon test the $360 level in the near term.

Ethereum price is picking up pace against the US Dollar against Bitcoin. ETH/USD is now above $344 and looking to test $360.

Ethereum Price Upside Break

An increase in the bullish sentiment for ETH price took it above the $335 resistance against the US Dollar. The price even managed to trade past the last swing high of $344 and currently trading above it. A new intraday high was formed near $349.05 from where the price started a minor correction. It tested the 23.6% Fib retracement level of the last wave from the $324.05 low to $349.05 high. Buyers appeared near $343 and prevented declines.

The price is once again moving higher and trading close to the $349 level. A break above it could take the price above $350. If buyers remain in control, there is even a chance of ETH testing $360 during the coming sessions. On the downside, the most important support is near the 50% Fib retracement level of the last wave from the $324.05 low to $349.05 high at $336. Moreover, there is solid connecting bullish trend line with support at $330 forming on the hourly chart of ETH/USD.

As long as the pair is above $330, it is likely to continue moving higher. Buying dips towards $335-330 can be considered with a tight stop. On the upside, the price is very likely to test the $360 level.

Hourly MACD – The MACD is gaining pace in the bullish zone.

Hourly RSI – The RSI is near the overbought levels above 70.

Major Support Level – $335

Major Resistance Level – $350

 

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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