Key Highlights
- ETH price after trading in a range for some time against the US Dollar gained bids and traded higher.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to clear the way for gains.
- The price is now also above the 100 hourly simple moving average, which is a positive sign.
Ethereum price managed to gain traction against the US Dollar, and if the recent break is true in ETH/USD, there can be more upsides.
Ethereum Price Break
There were ranging moves in ETH price against the US Dollar yesterday before there was an upside move. The ETH/USD pair managed to gain strength and traded higher. During the upside move, the pair managed to break a couple of important hurdles. The most crucial one was yesterdays’ highlighted monster bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD.
The pair also managed to settle above the 100 hourly simple moving average, which encouraged the buyers to take the price higher. Moreover, it also managed to clear the 50% Fib retracement level of the decline from the $10.44 high to $9.44 low. So, all in all there was a nice upside move, which may ignite more gains in the short term. The price is currently correcting lower, but may find support on the downside.
The 100 hourly simple moving average might act as a support along with the broken trend line. Moreover, the 38.2% Fib retracement level of the recent wave from the $9.44 low to $10.17 high might also act as a support zone. One may even consider buying dips around it with a tight stop.
Hourly MACD – The MACD is now in the bullish zone.
Hourly RSI – The RSI is correcting lower towards the 50 level, and may find support around the neutral level.
Major Support Level – $9.80
Major Resistance Level – $10.15
Charts courtesy – SimpleFX