Ethereum Price Technical Analysis – ETH/USD Eyes $16?

Key Highlights

• ETH price surged further against the US Dollar and traded as high as $15.80.
• There are now two connecting bullish trend lines formed with support at $15.20 and $14.20 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair is likely to continue to trade higher, and it might challenge the $16.00 handle soon.

Ethereum price maintained its bullish tone against the US Dollar to trade above $15.00. More gains towards $16.00 are likely in ETH/USD.

Ethereum Price Continuing Gains

It was no surprise that there were further gains in ETH price against the US Dollar, as it moved past $15.20. The price gained a lot of pace, and surged towards $15.80. There is no sign of a pullback yet in ETH/USD, which means the pair may even challenge the $16.00 handle soon. There was a minor correction yesterday, which later completed, and the price moved above $14.40.

The ETH sellers attempted a move towards the 23.6% Fib retracement level of the last wave from the $12.53 low to $14.53 high. However, there was no complete test, and the price traded above the last swing high of $14.53. A new high of $15.80 was formed. At the moment, there are many supports on the downside. First, the 23.6% Fib retracement level of the last wave from the $14.20 low to $15.80 at $15.42. Second, there is a new connecting bullish trend line at $15.20 on the hourly chart of ETH/USD (data feed via SimpleFX).

Both these are likely to act as a good buy zone. So, if the price corrects lower, the $15.20 level might act as a support. On the upside, the next stop for the bulls could be near $16.00.

Hourly MACD – The MACD is extending its moves in the bullish zone.

Hourly RSI – The RSI is well in the overbought levels with no sign of a downside move.

Major Support Level – $15.20

Major Resistance Level – $16.00

Charts courtesy – SimpleFX

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