Ethereum Price Technical Analysis – ETH/USD Bulls Ride Continues

Key Highlights

• ETH price was able to regain the bullish strength and momentum and moved above $30.84 against the US Dollar to trade above $36.
• Yesterday’s highlighted contracting triangle pattern on the hourly chart (ETH/USD, data feed via SimpleFX) was broken to open the doors above $32.
• The price traded as high as $36.09, and looks set for further gains in the near term.

Ethereum price remained well in the bullish zone against the US dollar, as ETH/USD buyers were able to push the price above $36.

Ethereum Price Upside Ride to Continue

Yesterday, we saw a couple of important signs of the bullish continuation in ETH price against the US Dollar. The price did gain strength and was able to break all hurdles above $30.00. It retained the bullish pace and was able to break the last high above $30.84. The upside move was such that the price traded above the $36 level and traded as high as $36.09. If the current momentum stays intact, there is a chance of further gains towards the $38 or $40 levels.

The upside move was initiated once the price broke the $29.50 level. Moreover, yesterday’s highlighted contracting triangle pattern on the hourly chart (data feed via SimpleFX) was cleared around $30. It enabled ETH buyers to gain strength and take the price above $32. There are high chances that the price might continue to move higher above $36.09. It could easily test the $38 level in the near term.

On the downside, the price remains supported above $34. There is a new connecting bullish trend line formed with support at $34. So, if the price moves down, it might find support near $34 and $32.

Hourly MACD – The MACD is well into the bullish area, and gaining strength.

Hourly RSI – The RSI is well above the 50 level, and heading north.

Major Support Level – $32.00

Major Resistance Level – $38.00

 

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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