Ethereum Price Weekly Analysis – ETH/USD Monster Rally Is Real

Key Highlights

• ETH price soaring above the $100 level against the US Dollar was impressive and shows its strength.
• There is a major bullish trend line formed with support at $88 formed on the daily chart of ETH/USD (data feed via SimpleFX).
• On the upside, a daily close above $100 could trigger further gains in the near term.

Ethereum price had an impressive run this past week against the US Dollar and Bitcoin, as ETH/USD managed to test $100 and traded with bullish tone.

Ethereum Price Upside Surge

It looks like it was one of the best weeks so far for ETH price as it tested the $100 level against the US Dollar. There was a solid upside surge as the price broke the $80 and $90 levels to test the all-important $100 level. A new high was formed just above $100 at $100.60. It was a great bullish ride, as sellers were completely decimated once there was a break above the $76 swing high. There was even a break above the 1.618 extension of the last decline from the $76 high to $65 low.

The price traded as high as $100.60 and now correcting lower. A nice support is formed near $88. There is also a major bullish trend line formed with support at $88 formed on the daily chart of ETH/USD. Moreover, the 23.6% Fib retracement level of the last wave from the $40.60 low to $100.60 high is at $86.45. So, we can say there are many crucial support levels near $88 and $86.

A break below the trend line support won’t be good. It may prompt a move towards the 38.2% Fib retracement level of the last wave from the $40.60 low to $100.60 high is at $77.70. On the other hand, a break above $100.5 may call for further gains.

Daily MACD – The MACD is very strong in the bullish zone.

Daily RSI – The RSI is currently into the overbought levels around 76.

Major Support Level – $88.00

Major Resistance Level – $100.00

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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