Key Highlights
- ETH price formed a support base near the 8 level and bounced back against the US Dollar.
- There was a break above a major bearish trend line with resistance at 4 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is placed in a positive zone and it may continue to move higher towards 0 or 5.
Ethereum price is back gaining pace against the US Dollar and bitcoin. ETH/USD could accelerate and test the next resistance near the 0 level.
Ethereum Price Analysis
Recently, there was a dip towards the 8 level in ETH price against the US Dollar. The ETH/USD pair found a strong buying interest near 8, resulting in a decent upside move. The price bounced back and traded above the 0 level and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the last decline from the 6 high to 8 low.
More importantly, there was a break above a major bearish trend line with resistance at 4 on the hourly chart of ETH/USD. The pair spiked above the 8 level and tested the 0 resistance level. However, the price seems to be struggling to clear the 0-141 zone. It represents the 61.8% Fib retracement level of the last decline from the 6 high to 8 low. If there is a proper close above the 0 level, the price is likely to climb further higher towards the 4 and 8 resistance levels. The main hurdle for buyers is near the 0 level.
Looking at the chart, ETH price is back in a positive zone above the 4 level. However, it needs to surpass the 0 barrier to continue higher. On the downside, an initial support is at 7 level followed by the 3 level.
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI – The RSI is now placed well above the 60 level.
Major Support Level – 3
Major Resistance Level – 0
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