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

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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