Ethereum price gained more than 10% and broke the key 0 resistance against the US Dollar. ETH even surpassed 0 today and it is likely to continue higher.
Ethereum is trading in a strong uptrend above the 0 and 8 levels against the US Dollar.
The price is showing a lot of positive and it seems like it could rise further towards 0-0.
There are two key bullish trend lines forming with support near 5 and 5 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price is rising steadily and it may soon test the ,000 resistance area.
Ethereum Price Rally To Continue
This week, there was a strong start of an upward move in Ethereum above the 5 resistance against the US Dollar. As a result, ETH price climbed above the 0 and 5 resistance levels.
Moreover, it broke the 0 level recently and settled well above the 100 hourly simple moving average. A new 2020 high is formed near 1 and the price is currently trading nicely in a strong uptrend.
An initial support on the downside is near the 7 level. It coincides with the 23.6% Fib retracement level of the recent rally from the 4 low to 1 high.
More importantly, there are two key bullish trend lines forming with support near 5 and 5 on the hourly chart of ETH/USD. Therefore, Ethereum is likely to remain well supported on the downside if it corrects lower from 1.
Ethereum Price
On the upside, the 2 and 5 levels are initial hurdles for the bulls. A clear break above the 5 level might open the doors for more gains towards the 0 and 0 resistance levels.
Bulls In Full Control
On the downside, there are many supports forming, starting with 5. If Ethereum corrects below the 5 level, it could find bids near the 2 level. It represents the 50% Fib retracement level of the recent rally from the 4 low to 1 high.
Any further losses may perhaps lead the price towards the 5 support area. The main uptrend support is near the 0 level and the 100 hourly simple moving average, below which the price is likely to turn bearish in the near term.
The overall trend is very positive and it seems like the bulls are eyeing a test of the 0-0 resistance area in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising and it is well above the 70 level.
Major Support Level – 2
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