Ethereum Price Technical Analysis – ETH/USD Gains To Continue

Key Highlights

• ETH price overcame all the odds and currently trading above the $19.00 resistance against the US Dollar.
• There is a nasty ascending bullish channel with support at $19.10 formed on the hourly chart of ETH/USD (data feed via SimpleFX).
• It looks like the ETH bulls are waiting for a push towards $20.00 before taking a breather.

Ethereum price is unstoppable at the moment against the US Dollar, and it looks like the ETH/USD may move soon double itself.

Ethereum Price Up By More Than 50%

There were further upsides in ETH price, as it marched above the $19.00 handle vs the US Dollar. This week ETH price is up by more than 50%, and it looks like the upside move is far from over. The next stop for the price seems like around the $20 level. If the current trend remains intact, it can be an easy ride for the bulls. A break above $20 is just a few points away. There is even a chance that the price may surpass the last high, and create a new all-time high above $21.50.

So, once there is a break above $20, the next stop would be the all-time high around $21.30. And, just like Bitcoin price, there is a chance that ETH price might also set a new high. At the moment, there is a solid ascending bullish channel formed with support at $19.10 on the hourly chart of ETH/USD (data feed via SimpleFX). It may continue to act as a catalyst, and push the price above $20.

Overall, the trend is SUPER bullish, and we may continue to see gains in ETH/USD. In no time, the price could break $20 for a move towards $21.30.

Hourly MACD – The MACD is extremely bullish, suggesting more upsides.

Hourly RSI – The RSI is around the overbought levels, but continuing the upside move.

Major Support Level – $19.00

Major Resistance Level – $20.00

 

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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