Key Highlights
- ETH price started a nice upside move and traded above the last swing high of $433.77 against the US Dollar.
- There is a new major ascending channel forming with support at $428 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to accelerate higher and it could trade towards the $444 and $460 levels.
Ethereum price is gaining pace against the US Dollar and Bitcoin. ETH/USD is currently above $433 and eyes a break above the $444 resistance level.
Ethereum Price Rise
There was a solid upside move initiated from the $386 swing low in ETH price against the US Dollar. The price traded higher and broke a few important resistances such as $400 and $410. There was also a close above the $415 level and the 100 hourly simple moving average. Recently, the price succeeded in clearing the 76.4% Fib retracement level of the last decline from the $433 high to $386 low.
More importantly, the price broke the last swing high of $433.77, which has opened the doors for more gains. The next resistance on the upside could be near $444-445. The mentioned $444 is the 1.236 Fib extension of the last decline from the $433 high to $386 low. Overall, the price remains in an uptrend and it could even break the $445 level for more gains. On the downside, there are many supports above the $425 level. There is also a new major ascending channel forming with support at $428 on the hourly chart of ETH/USD.
If the pair starts a downside correction, it could find support near $428-430. Below $428, the price may test the $408 level and the 100 hourly SMA. However, the short-term trend is bullish and the price may soon break $444.
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI – The RSI is now reaching the overbought levels.
Major Support Level – $428
Major Resistance Level – $444
Charts courtesy – Trading View