Ethereum Price Technical Analysis – ETH/USD To Extend Gains

Key Highlights

• ETH price traded further higher and tested the $389-390 levels against the US Dollar.
• Yesterday’s highlighted a major bullish trend line with current support at $375 on the hourly chart of ETH/USD (data feed via SimpleFX) is still intact.
• The pair might trade in a tiny range above $370 before making the next move in the near term.

Ethereum price traded above $380 against the US Dollar, and gained pace against Bitcoin. ETH/USD remains in bullish zone and poised for more gains.

Ethereum Price Consolidating Gains

Buyers succeeded in taking ETH price above the $380 level against the US Dollar. The price broke the $380 and $385 resistance levels to trade as high as $389.24. There was a slight selling pressure below the $390 level and as a result, the price started a correction. ETH is currently in the third wave from the $389.24 swing high. It has moved below the 23.6% Fib retracement level of the last wave from the $365.51 low to $387.27 high.

However, on the downside, there is a major support forming above $370. Yesterdays highlighted a major bullish trend line with current support at $375 on the hourly chart of ETH/USD is a major barrier. At the moment, the price is trading near the 38.2% Fib retracement level of the last wave from the $365.51 low to $387.27 high. Therefore, there are many supports on the downside up to $370.

The 50% Fib retracement level of the last wave from the $365.51 low to $387.27 high is also near $376. Overall, it looks like the price might trade in a range above $370 before making the next move. A break above the $385 level could open the doors for a new high above $389.24.

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

Hourly RSI – The RSI is moving lower towards the 50 level.

Major Support Level – $375

Major Resistance Level – $385

 

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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