Key Highlights
- ETH price accelerated gains and moved above the $800 resistance level against the US Dollar.
- There is an ascending channel with support at $800 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is placed nicely in a bullish trend and it could continue to move higher towards $850 and $880.
Ethereum price is showing positive signs versus the US Dollar and Bitcoin. ETH/USD could gain further with supports on the downside at $800 and $782.
Ethereum Price Trend
There was a sharp upside move from the $620 support zone in ETH price against the US Dollar. The price started rallying and moved above the $650, $680 and $720 resistance levels. Buyers took control and the price even climbed above the $800 level. The current uptrend is very strong with swing supports around the $800 and $660 levels.
The recent high was formed at $833.56 from where the price started a downside correction. It is still trading above the $800 level with many positive signs. There is also an ascending channel with support at $800 on the 4-hours chart of ETH/USD. Below the channel support, the 23.6% Fib retracement level of the last wave from the $621 low to $838 high is at $783. Therefore, if the price continues to correct lower, it may find support near $800 and $782-783 in the near term. Below $782, the price could test the 50% Fib retracement level of the last wave from the $621 low to $838 high at $727.
The above chart also suggests that the price is placed nicely above $800. On the upside, a break above the recent high of $838 may perhaps push the price above the $850 level in the near term.
4-hours MACD – The MACD is currently reducing its bullish slope.
4-hours RSI – The RSI is still in the overbought zone with no major sign of a downside correction.
Major Support Level – $782
Major Resistance Level – $850