- Ethereum price is showing positive signs above the 5 and 0 levels against the US Dollar.
- Bitcoin price is climbing higher and it is likely to revisit the key ,000 resistance area.
- There is a rising channel forming with support near 3 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher and it break the 0 and 2 resistance levels in the near term.
Ethereum price is grinding higher with positive signs versus the US Dollar, while bitcoin is approaching ,000. ETH price must break 0 to climb towards 0.
Ethereum Price Analysis
In the past few days, there was a sharp rally in Ethereum above the 5 and 0 resistance levels. Later, there was a downside correction, but the price remained well bid above 5 and the 100 hourly simple moving average.
Similarly, bitcoin price rallied above the ,000 level and recently corrected lower. However, BTC also found support and it is climbing higher again towards the main ,000 resistance area.
The recent swing low was near 5 before Ethereum started a fresh increase. It broke the 0 and 2 resistance levels. Moreover, there was a break above the 50% Fib retracement level of the downward move from the 9 high to 5 swing low.
The price tested the 0 resistance level, where the bears are putting up a strong fight. Additionally, it seems like the 61.8% Fib retracement level of the downward move from the 9 high to 5 swing low is acting as a resistance.
Therefore, an upside break above the 0 resistance is likely to open the doors for more gains in the coming sessions. The next major resistance is near the 8 and 0 levels. An intermediate resistance is 4 or the 76.4% Fib retracement level of the downward move from the 9 high to 5 swing low.
On the downside, there are many supports near the 0 level. Besides, there is a rising channel forming with support near 3 on the hourly chart of ETH/USD. If there is a downside break, the price could test the 100 hourly SMA or the 5 support.
Looking at the chart, Ethereum price is clearly climbing higher steadily above 5. Having said that, the price must break the 0 resistance level to continue higher. If not, there are chances of another downside correction towards the 5 support area in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is correcting lower and it is approaching the 50 level.
Major Support Level – 0
Major Resistance Level – 0
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