Key Highlights
- ETH price continued to trade with a bullish trend and spiked above $14.20 against the US Dollar.
- There is a new connecting bullish trend line formed with support at $13.80 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is likely to trade further higher with a break above the $14.50 high.
Ethereum price extended this past week’s gains against the US Dollar, and now it looks like ETH/USD is sighting a move towards $15.00.
Ethereum Price Trend Line Support
This past week there was an uptrend initiated with a break above $11.40 in ETH price against the US Dollar. Later, the price extended gains and made a move above $13.00. The trend was such that the price also able to clear the $14.00 handle, and recently traded as high as $14.53. The trend is clearly in the favor of the buyers and any major corrections from the current levels might be bought near $14.00 or $13.80.
On the downside, an initial support is at $14.06. The stated level also represents the 23.6% Fib retracement level of the last wave from the $12.53 low to $14.53 high. Below $14.00, there is a new connecting bullish trend line formed with support at $13.80 on the hourly chart of ETH/USD (data feed via SimpleFX). The trend line support also coincides with the 38.2% Fib retracement level of the last wave from the $12.53 low to $14.53 high. So, we can say there are two important support levels on the downside – $14.00 and $13.80.
If the pair corrects lower, then these two levels might act as a strong support. On the upside, a break above $14.53 could ignite a wave towards the next major hurdle at $15.00.
Hourly MACD – The MACD strongly placed in the bullish zone with no sign of a correction.
Hourly RSI – The RSI is around the overbought levels, and looks to extend gains.
Major Support Level – $14.00
Major Resistance Level – $14.50
Charts courtesy – SimpleFX