Ethereum Price Technical Analysis – ETH/USD Soars Above $105

Key Highlights

• There was a sharp rise in ETH price, as it broke the $100 and $105 levels against the US Dollar.
• There was a break of a nice bullish pattern with resistance at $102 on the hourly chart (ETH/USD, data feed via SimpleFX).
• The price is currently trading with a lot of positive bias, and may soon break $110.

Ethereum price gained heavy bids during the past few hours against the US Dollar and Bitcoin, and ETH/USD broke an important level at $100.

Ethereum Price Upside Surge

Yesterday, we discussed that ETH price can dip towards $87-85 before it makes an upside move against the US Dollar. The price made a minor correction, and later gained pace for a move above $90. The price broke many important resistance levels on the way up like $90 and $95. The most significant move was above $100. It looks like buyers are loving the party and enjoying ride above $100.

There was even a break above a major extension level at $105. This has opened the doors for more gains in the near term. The next level could be $110. Before the upside, there was a break of a nice bullish pattern with resistance at $102 on the hourly chart of ETH/USD. Such patterns are clear signal, and the price did gain pace above $100.

As of writing, the price traded as high as $107.13, and may correct a couple of points lower. On the downside, the pattern resistance at $102 may now act as a support. The 23.6% Fib retracement level of the last wave from the $91.71 low to $107.13 high is also around the same level. So, buying dips near $102-100 can be considered in the short term for $110.

Hourly MACD – The MACD is gaining pace in the bullish zone.

Hourly RSI – The RSI is now in the overbought levels.

Major Support Level – $102.00

Major Resistance Level – $110.00

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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