- ETH price is gaining momentum above the 0 resistance area against the US Dollar.
- The price must break the 5 resistance area to climb above the 0 resistance zone.
- There is a breakout pattern forming with resistance near 4 on the hourly chart of ETH/USD (data feed via Kraken).
- On the downside, there are a few important supports near the 6 and 2 levels.
Ethereum price is likely to break the 0 resistance area versus the US Dollar, but struggled vs bitcoin. ETH price remains well supported on the downside as long as above 2.
Ethereum Price Analysis
After yesterday’s rise, there were further gains in bitcoin price above ,500 against the US Dollar. BTC/USD even broke the ,000 resistance area (as discussed in yesterday’s analysis). On the other hand, there was no new weekly high in Ethereum, but it remained stable above the 0 and 2 support levels. Earlier, it started a downside correction from the 8 swing high and traded below the 0 support area.
However, the 2 support zone acted as a strong support along with the 100 hourly simple moving average. A swing low was formed at 2.80 and the price recently climbed back above the 6 and 8 levels. Moreover, it recovered above the 50% Fib retracement level of the recent decline from the 8 high to 2 swing low. It is now trading nicely above the 0 level.
Moreover, there is a breakout pattern forming with resistance near 4 on the hourly chart of ETH/USD. The pair is currently trading near the 61.8% Fib retracement level of the recent decline from the 8 high to 2 swing low. If there is an upside break above the 4 and 5 resistance levels, Ethereum price could continue to rise. In the mentioned case, the price is likely to break the last swing high near 8 and trade to a new weekly high above 0.
The next major resistance is near the 5 level. On the downside, an initial support is near the 0 level. The next major support is near the 6 level, which is near the triangle lower trend line.
Looking at the chart, Ethereum price is clearly trading with a positive bias above the 0 level and it looks set for more gains above the 5 and 0 levels. The bulls may even push the price above the 5 resistance level in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is moving back in the bullish zone, with a positive bias.
Hourly RSI – The RSI for ETH/USD is currently well above the 55 level, with a positive angle.
Major Support Level – 6
Major Resistance Level – 0
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