Ethereum is gaining bullish momentum above the 5 resistance versus the US Dollar. ETH is likely to surge above the 8 and 0 resistance levels, while bitcoin already broke the key ,400 resistance.
Ether price is showing a lot of positive signs above the 2 and 5 levels against the US Dollar.
It is currently trading near the key 8 and 0 resistance levels.
There was a break above a major triangle resistance near 6 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct a few points, but it is likely to climb above the 0 barrier in the near term.
Ethereum Price Could Extend Gains
Recently, there was a fresh increase in bitcoin price above the ,250 and ,400 resistance levels. It helped Ethereum in climbing above the 5 resistance against the US Dollar.
Additionally, ETH price settled above the 5 level and the 100 hourly simple moving average. It even traded to a new weekly high and spiked above the 8 level.
More importantly, there was a break above a major triangle resistance near 6 on the hourly chart of ETH/USD. However, the bulls are still struggling to gain strength above the 8 and 0 resistance levels.
Ethereum Price
Ethereum is currently correcting lower and trading near the 23.6% Fib retracement level of the recent upward move from the 2 low to 8 high. On the downside, there are many supports near the 7 and 5 levels.
On the upside, the main hurdles are near the 8 and 0 levels. A successful break and close above the 0 level may well start a strong rise. The next major resistance could be 5, above which the price is likely to test the 0 level.
Downside Remain Limited In ETH
It seems like the broken triangle resistance near 7 might provide support in the short term. The next major support is near the 5 level since it coincides with the 50% Fib retracement level of the recent upward move from the 2 low to 8 high.
Looking at the chart, Ethereum price seems to be facing a strong sell zone near the 8 area. However, the current price action in bitcoin is very bullish, which means there are high chances of an upside break in ETH above the 8 and 0 levels.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining strength in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.
Major Support Level – 5
Major Resistance Level – 8 The post appeared first on NewsBTC.
NewsBTC