Ethereum Price Technical Analysis – ETH/USD To Test $403?

Key Highlights

• ETH price is gaining bids and moved above the last high of $389.24 against the US Dollar.
• This week’s crucial bullish trend line with current support at $388 on the hourly chart of ETH/USD (data feed via SimpleFX) is acting as a strong buy zone.
• The pair is likely to trade higher and it may soon test the $403 level in the near term.

Ethereum price traded above $390 against the US Dollar, and consolidated against Bitcoin. ETH/USD may soon break higher and test at least $403.

Ethereum Price Upside Break

There was an increase in buying interest for ETH price, taking it above the last high of $389.24 against the US Dollar. The price recently traded as high as $393 and looks set for further gains in the near term. It is approaching the 1.236 extension of the last drop from the $389.24 high to $365.72 low. On the downside, the price remains supported by the $388-385 levels.

The most important support is near this week’s crucial bullish trend line with current support at $388 on the hourly chart of ETH/USD. As long as the pair is following the trend line and remains above $385, it could even break the $400 level. The next stop could be the 1.618 extension of the last drop from the $389.24 high to $365.72 low around $403. If buyers stay in control, a test of $405 is also possible.

Only proper close below $385 could dent the current market sentiment. At the moment, it seems very unlikely that the price would break $385 or even test $380. Buying in the short term with a tight stop below $385 can be considered.

Hourly MACD – The MACD is slowly decreasing slope in the bullish zone.

Hourly RSI – The RSI is placed well above the 50 level and showing positive signs.

Major Support Level – $385

Major Resistance Level – $403

 

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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