Ethereum rising steadily above the 2 and 5 resistance levels versus the US Dollar. Besides, bitcoin surged close to 5% above ,400, opening the doors for an upside break in ETH above 0.
Ether price traded to a new 2020 high at 8 and it is currently consolidating against the US Dollar.
The price seems to be struggling to gain momentum above 8 and 0.
Yesterday’s highlighted important bullish trend line is intact with support near 2 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin rallied 0, tested the ,450 area and it is currently correcting lower.
Ethereum Price Rising Steadily
In the past few sessions, there were steady gains in Ethereum above the 0 resistance against the US Dollar. Moreover, ETH price surpassed the 2 and 5 resistance levels.
Finally, the price traded to a new 2020 high at 8 and it is currently consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the 9 low to 8 high.
It seems like the price is finding support near the 5 level. The next key support is between 3 and 4. Besides, the 50% Fib retracement level of the upward move from the 9 low to 8 high is also near the 3.50 level.
More importantly, yesterday’s highlighted important bullish trend line is intact with support near 2 on the hourly chart of ETH/USD. Therefore, dips in Ethereum could find support near 3 and 2.
As long as the price is above the 2 support, the bulls are likely to push the price above the 8 and 0 resistance levels. The next major target for them could be the key 8 resistance area in the near term.
Important Buy Zones for ETH
If there is a downside break below the 2 support, the price could start a downside extension towards the 8 support area and the 100 hourly simple moving average.
The main support is near the 5 level, where the bulls are likely to take a stand. Any further losses may perhaps start a fresh decline towards the 8 support.
Ethereum Price
Looking at the chart, Ethereum price is showing positive signs above the 2 support and the 100 hourly SMA. In the short term, there could be a minor dip, but the price is likely to bounce back and climb above 8 and 0.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining in the bullish zone.
Hourly RSI – The RSI for ETH/USD is correcting lower towards the 50 level.
Major Support Level – 2
Major Resistance Level – 0 The post appeared first on NewsBTC.
NewsBTC