Ethereum Price Technical Analysis – ETH/USD Bullish Case

Key Highlights

  • ETH price is rising higher and currently trading near the $328 level against the US Dollar.
  • There is an ascending channel with support at $319 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is likely to continue higher and it could even break the channel resistance at $329 for more gains.

Ethereum price is slowly gaining momentum against the US Dollar against Bitcoin. ETH/USD has formed a decent support around $319-320 for further upsides.

Ethereum Price Uptrend

There was a decent upside in ETH price as it crawled above the $319-320 resistance area against the US Dollar. The price is trading with a positive bias with supports at $319, $315 and $311. It is already above the 50% Fib retracement level of the last decline from the $344.46 high to $290.34 low, which is a positive sign. The next important bullish sign is a close above $308 and the 100 hourly simple moving average.

At the moment, the price is trading near the $328 level. There is an ascending channel with support at $319 forming on the hourly chart of ETH/USD. The channel resistance is just below the 76.4% Fib retracement level of the last decline from the $344.46 high to $290.34 low. Therefore, once there is a close above channel resistance at $329-330, there can a move towards the last swing high of $344.

Ethereum Price Technical Analysis ETH USD

On the downside, the channel support at $319-320 is a crucial support. Below it, the 100 hourly simple moving average is positioned at $316.50. Overall, buying dips in the near term towards $319-316 might be considered. Once the price gains momentum, there could even be break above the $344 level for a test of $350.

Hourly MACD – The MACD is gaining momentum in the bullish zone.

Hourly RSI – The RSI is well above the 50 level.

Major Support Level – $319

Major Resistance Level – $329

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Source: Newsbtc

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