Ethereum Price Technical Analysis – ETH/USD On a Roll

Key Highlights

• ETH price gained pace and managed to move above the $370 level against the US Dollar.
• There is a new major bullish trend line with current support at $365 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair might continue higher and dips towards $365-360 remains supported in the near term.

Ethereum price took out all hurdles and moved higher against the US Dollar against Bitcoin. ETH/USD remains buy on dips near $360-365.

Ethereum Price Upside Momentum

There was no stopping ETH price as it moved above the $370 level against the US Dollar. The price traded as high as $374.64 recently and looks set for further gains in the near term. Recently, there was a minor dip in the price, but buyers protected downsides below $350. The current momentum is positive and suggesting more gains towards $380 or even $388. If the price corrects lower from the current levels, it may face bids near $365-364.

On the downside, there is a new major bullish trend line with current support at $365 forming on the hourly chart of ETH/USD. The trend line support is positioned around the 23.6% Fib retracement level of the last wave from the $333.00 low to $374.64 high. The overall buying sentiment is set to gain pace, which could result in a push above $374. The most important psychological barrier sits around the $400 level where there can be strong offers.

However, the price is unlikely to test it one go. Therefore, there can another minor dip towards $364 or even $355 before the price trades towards $400. Buying dips remains a nice deal towards $364 in the near term.

Hourly MACD – The MACD is placed very well in the bullish zone.

Hourly RSI – The RSI is slowly correcting lower from the 70 level.

Major Support Level – $364

Major Resistance Level – $380

 

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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