- ETH price is climbing higher and it recently broke the 5 and 0 resistances against the US Dollar.
- The price is currently trading near a crucial resistance area at 5 and 6.
- There was a break above a key bearish trend line with resistance near 5 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might correct a few points lower, but it is likely to climb higher towards 0 or 2.
Ethereum price is up close to 10% versus the US Dollar, and climbed nicely vs bitcoin. ETH price could soon attempt to surpass 5 and climb towards 2.
Ethereum Price Analysis
After forming a support base near 0, Ethereum started a decent rebound against the US Dollar. As a result, ETH price traded above the 5 and 0 resistance levels. Moreover, there was a close above the 0 level and the 100 hourly simple moving average. The price is currently up around 10% and it even tested the main 5 resistance, where the bears took a stand.
During the rise, there was a break above a key bearish trend line with resistance near 5 on the hourly chart of ETH/USD. The price is currently consolidating gains below the 5 resistance. An immediate support is near the 2 level. Moreover, the 23.6% Fib retracement level of the recent rise from the 7 low to 5 high is also near the 1 level.
If there is an extended decline or correction, the price could test the 8 and 5 support levels. The 50% Fib retracement level of the recent rise from the 7 low to 5 high is positioned near the 6 level to provide support in the near term. Any further losses might push the price back in a bearish zone towards the 0 support area.
On the upside, the main resistances are near the 5 and 6 level. The current price action suggests high chances of an upside break above the 5 resistance. In the mentioned case, the price could test the 0 and 2 resistance levels. The next key resistance area is near the 8 and 0 levels.
Looking at the chart, Ethereum price is trading with a nice bullish bias above the 0 level. Having said that, the bulls need to gain strength above the 5 and 6 resistance levels to push the price into an uptrend. If not, there are chances of a fresh decline towards the 5 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 60 level.
Major Support Level – 0
Major Resistance Level – 5
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