Ethereum Price Technical Analysis – ETH/USD Monster Ride To Continue

Key Highlights

• There were monstrous gains in ETH price as it traded above the $70 level against the US Dollar.
• There is a connecting bullish trend line with support at $68.00 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• The price may correct a few points lower in the near term, but the overall trend remains bullish above $65.

Ethereum price rocketed higher above $65 and $70 level against the US Dollar, and gains in both ETH/USD and ETH/BTC to continue in the near term.

Ethereum Price Gains 20%

Yesterday, we saw how there was a major break in ETH price above $55 against the US Dollar. Later, the price corrected a few points, and then formed a base for another move above $58. The price traded higher sharply and was up by more than 20%. It broke many resistances on the way up like the $65 and $70 levels. The most important move was towards $70. The price traded as high as $70.48 recently, and currently correcting lower.

It is heading towards the 23.6% Fib retracement level of the last wave from the $60.60 low to $70.48 high. There is a major connecting bullish trend line with support at $68.00 formed on the hourly chart of ETH/USD. It is waiting to act as a support near $68 if the price moves down further. Any major dips from the current levels remain supported above $65. The ETH bulls are in charge and they may attempt further gains above $70.

On the downside, the 50% Fib retracement level of the last wave from the $60.60 low to $70.48 high is also a major support at $65.55. Buying dips remain idea in the current situation.

Hourly MACD – The MACD is moving nicely in the bullish zone.

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

Major Support Level – $68.00

Major Resistance Level – $70.50

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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