Key Highlights
- ETH price made a nice upside move and traded above the $365.00 level against the US Dollar.
- There is a major bullish trend line forming with support at $366 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might soon retest the recent high of $371.95 and it could even break it.
Ethereum price is moving higher against the US Dollar and Bitcoin. ETH/USD might soon break $380 for further gains in the near term.
Ethereum Price Support
The past two days were mostly bullish for ETH price as it moved above $365 resistance against the US Dollar. The price traded above the $370 level and formed a high at $371.95. Earlier, a downside move was initiated from the $370.50 high and the price traded below the 23.6% Fib retracement level of the last wave from the $325.09 low to $370.12 high. However, the stated move was only a part of a correction as the price found support near $350.
The 50% Fib retracement level of the last wave from the $325.09 low to $370.12 high acted as a major support. Moreover, there is a major bullish trend line forming with support at $366 on the hourly chart of ETH/USD. The trend line support prevented declines below $350 and is currently acting as a major support. The pair is now moving up again and is currently trading above $365. It seems like it will most likely continue to move higher and it could soon break $380.
If buyers remain in control, there is a chance of further gains above $380. The next target for buyers could be near $385 where sellers are likely to appear. If all goes well, there can be a test of the $390-395 zone. On the downside, the $365-360 support remains a major buy area.
Hourly MACD – The MACD is placed well in the bullish zone.
Hourly RSI – The RSI is currently well above the 50 level and moving higher.
Major Support Level – $365
Major Resistance Level – $380
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.