Ethereum Price Technical Analysis – ETH/USD Can Test $90

Key Highlights

• There was another upside push in ETH price as it traded above the $85 resistance against the US Dollar.
• There are two bullish trend lines with support at $83.00 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• The price is about to break the $86 resistance and move towards the $90 level in the near term.

Ethereum price continued its upside streak against the US Dollar, and it looks like the ETH/USD pair may soon test the $90 level.

Ethereum Price Rockets Higher

In the weekly analysis, I mentioned that ETH price may continue to rally against the US Dollar above $75. The price did move higher, and broke a lot many resistances like $82 and $85 on the way up. It recently made a new high at $86.07 and looks unstoppable. First, there was a rise towards the $82 level where it found sellers and started a correction. It traded below the 23.6% Fib retracement level of the last wave from the $75.46 low to $82.59 high.

The downside move extended, as the price traded towards $79 where it found bids. It tested the 38.2% Fib retracement level of the last wave from the $75.46 low to $82.59 high. The correction completed, and the price moved back above $80 and $82. Later, it rocketed higher and traded above the $85 level. A new high was formed at $86.07, and it looks like the price may continue to trade towards $90.

On the downside, there are two bullish trend lines with support at $83.00 formed on the hourly chart of ETH/USD. So, if the pair declines from the current levels, it could find support at $83 or $82. Overall, it could test $90 in the near term.

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

Hourly RSI – The RSI is heading further higher in the overbought levels.

Major Support Level – $82.00

Major Resistance Level – $90.00

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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