Key Highlights
- ETH price recovered from the $333.0 low against the US Dollar and heading for further gains.
- Yesterday’s highlighted a solid connecting bullish trend line with current support at $338 on the hourly chart of ETH/USD (data feed via SimpleFX) is still intact.
- The pair is likely to break the $349.05 high for a move towards the $352-353 levels.
Ethereum price is set to gain bullish pace against the US Dollar against Bitcoin. ETH/USD might soon break higher towards the $355 level.
Ethereum Price Buy Dips
There was a minor dip in ETH price towards the $333.00 level yesterday against the US Dollar. Later, the price was able to recover and moved above the 50% Fib retracement level of the last decline from the $349.05 high to $333.01 low. It is a positive sign and could take the price further higher towards $349.00 or even above it. The current market sentiment is positive above $344 with back to back bullish candles.
Recently, the price broke the 76.4% Fib retracement level of the last decline from the $349.05 high to $333.01 low. Therefore, it is likely to break the $349.05 high and trade further higher. On the downside, yesterdays highlighted a solid connecting bullish trend line with current support at $338 on the hourly chart of ETH/USD is acting as a strong support. The next upside target could be the 1.236 extension of the last decline from the $349.05 high to $333.01 low at $352.84.
On the downside, an initial support is near $342. However, the most important support is around the trend line at $338. Buying dips in the short term towards $340 can be considered with a stop below the trend line or $335.
Hourly MACD – The MACD is back in the bullish zone.
Hourly RSI – The RSI is moving higher and remains well above the 50 level.
Major Support Level – $3338
Major Resistance Level – $352.80
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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