- ETH price broke the main hurdle near the 8 and 0 resistance levels against the US Dollar.
- The price even broke the 0 resistance level before starting a downside correction.
- There is a major bullish trend line in place with support near 8 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair remains well supported on dips and it could rally strongly above 0 and 0.
Ethereum price finally gained bullish momentum versus the US Dollar, along with bitcoin. ETH seems to be eyeing a larger upward move above the 0 resistance level.
Ethereum Price Weekly Analysis
This past week, Ethereum price struggled on many occasions to clear the 2 resistance against the US Dollar. However, the recent sharp rise in bitcoin price above the ,000 level triggered an upside break. The ETH/USD pair broke the 2 and 8 resistance levels to move into a positive zone. The upward move was strong since the price even surged above the 0 level and settled well above the 100 simple moving average (4-hours). The bulls pushed the price above the 0 level and a new monthly high was formed near the 6 level.
Later, there was a sharp downside correction below the 0 and 0 levels. The price traded below the 50% Fib retracement level of the last wave from the 9 swing low to 6 high. There was a spike below the 8 level, but the 4 level acted as a support. ETH price tagged the 61.8% Fib retracement level of the last wave from the 9 swing low to 6 high, and recently bounced back. On the downside, there are many supports near 5, 0 and 8. There is also a major bullish trend line in place with support near 8 on the 4-hours chart of ETH/USD.
The pair is already recovering and it is trading above the 8 and 0 levels. An initial resistance is near the 5 level, above which the price could break the 0 level. A daily close above the 0 level might start a larger upward move. The next key resistances for the bulls are near 0 and 0.
The above chart indicates that Ethereum is well supported above the 5 and 0 levels. There might be a few swing moves, but the price will most likely climb above 0. The main target for the bulls could be 0 or even 5 in the near term.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is now well above the 70 level and it could move further higher.
Major Support Level – 5
Major Resistance Level – 0
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