- ETH price maintained its bullish bias against the US Dollar and closed above the $9.60 level.
- There was a break above a bearish trend line formed on the daily chart (data feed via SimpleFX) of ETH/USD, which earlier opened the gates for more gains.
- The price is also well above the 100-day simple moving average, which is a positive sign.
Ethereum price remained in an uptrend this past week against the US Dollar and Bitcoin, and ETH/USD may continue to trade higher.
Ethereum Price Upside Move
There was a slow and steady increase in Ehereum price against the US Dollar, as the price moved past the $9.60 resistance area. Later, the price also moved above the $10.00 level, which is a positive sign. Moreover, there was also a bearish trend line formed on the daily chart (data feed via SimpleFX) of ETH/USD. It was also broken during the upside move earlier this month, which opened the gates for more gains.
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The best part was the close above the 100-day simple moving average. It is an encouraging sign, which means the price is well positioned above $10.00. The price recently moved down below the 23.6% Fib retracement level of the last wave from the $6.87 low to $11.41 high to ignite a downside move. However, the price later found support near the 50% Fib retracement level of the last wave from the $6.87 low to $11.41 high.
The price is now moving back higher, and currently trading above $10.00, which is a positive sign. It may lift the pair further and could take it above $11.00. Let us see how the price trades in the upcoming week, and whether it trades towards $12.00 or not.
Daily MACD – The MACD is still in the bullish zone, which is a good sign.
Daily RSI – The RSI is well above the 50 level, calling for more gains.
Major Support Level – $10.00
Major Resistance Level – $11.00
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.