Key Highlights
- ETH price is gaining upside momentum and it broke the $900 resistance against the US Dollar.
- Yesterday’s highlighted crucial bullish trend line with current support at $860 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is likely to move further higher and it could test the $950 level in the near term.
Ethereum price is surging higher against the US Dollar and Bitcoin. ETH/USD is now above $900 and it looks set for more gains in the short term.
Ethereum Price Trend
There was a fresh upside wave initiated in ETH price from $820 swing low against the US Dollar. The price traded higher and succeeded in moving above the $860 and $880 resistance levels. More importantly, there was a break above the $897-900 resistance zone. It has opened the doors for more gains above the $900 level. At the moment, the price is trading near the $920 level and it looks set for more gains.
On the downside, yesterday’s highlighted crucial bullish trend line with current support at $860 is intact on the hourly chart of ETH/USD. An initial support is around the $900 level and the 23.6% Fib retracement level of the last wave from the $826 low to $918 high. However, the chances of any major decline in the short term below $900 are very low. A key support is around the 50% Fib retracement level of the last wave from the $826 low to $918 high at $870. As long as the price is above $870 and the trend line at $860, it remains in an uptrend.
On the upside, a break above the $920 could push the price towards the $950 level. On the downside, supports are at $900, $870 and $860.
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI – The RSI is moving higher and is currently near the 70 level.
Major Support Level – $870
Major Resistance Level – $950
Charts courtesy – SimpleFX
