Ethereum Price Technical Analysis – ETH/USD Gunning Higher

Key Highlights

• ETH price surged higher against the US Dollar and broke the $9.20 resistance.
• Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to clear the way for more gains.
• The price looks set for a test of the $10.00 handle if the current trend remains intact.

Ethereum price gained heavy bids against the US Dollar, and moved higher. It looks like the ETH/USD pair is now bullish and set for more upsides.

Ethereum Price Buy

Yesterday, we saw how ETH price was struggling to break the $8.40 level against the US Dollar. There were a couple of attempts to break the stated level, but the bulls failed. Later, the price gained momentum, and managed to break the $8.40 level. The price charged higher, and also cleared the $9.20 resistance. As of writing, the price already trading above the $9.50 level, and looks set for a move towards $10.00.

During the upside move, the ETH buyers managed to break yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. There was a bounce from the 38.2% Fib retracement level of the last wave from the $6.87 low to $8.40 high. At the moment, the price is looking to break the $9.75 level, and if it succeeds, there can be a move towards $10.00.

On the downside, there is a bullish trend line on the hourly chart, acting as a support near $9.40. Moreover, the 23.6% Fib retracement level of the last wave from the $7.95 low to $9.73 high may also act as a support. Overall, one may consider buying dips in ETH/USD as long as the price is above $8.40.

Hourly MACD – The MACD is now strongly in the bullish slope.

Hourly RSI – The RSI has reached the overbought levels, but with no sign of a correction.

Major Support Level – $9.20

Major Resistance Level – $10.00

 

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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