Key Highlights
- ETH price is moving higher and it recently broke the 5 resistance against the US Dollar.
- There is a new short-term connecting bullish trend line forming with support at 5 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to rise in the near term towards the 7 and 0 resistance levels.
Ethereum price is gaining upside momentum against the US Dollar and Bitcoin. ETH/USD is likely to extend gains with next hurdles near 7, 0 and 5.
Ethereum Price Trend
There was a decent support base formed around the 0 level in ETH price against the US Dollar. The price consolidated for some time before it started an upside move from the 1 swing low. The 100 hourly simple moving average (currently at 8) acted as a major catalyst for an upside move. Buyers succeeded in pushing the price above the 0 resistance area.
There was also a break above the 1.236 fib extension of the last decline from the 4 high to 7 low. The current trend is positive above the 0 level and it seems like the price may continue to rise. Once there is a close above the 5-536 levels, the price could move past 0. The next resistance is at 7, which is the 1.618 fib extension of the last decline from the 4 high to 7 low. If the price corrects lower, the 0 support may act as a buy zone. Moreover, there is a new short-term connecting bullish trend line forming with support at 5 on the hourly chart of ETH/USD.
The chart suggests that the price is gaining momentum above 5. It could continue to rise towards the 0 or even 5 level in the near term. An intermediate resistance is at 0.
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI – The RSI is rising sharply and is currently approaching the overbought levels.
Major Support Level – 2
Major Resistance Level – 4
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