Ethereum Price Technical Analysis – ETH/USD is Progressively Bullish

Key Highlights

  • There were continuous gains in ETH price, as it moved above the $178 resistance against the US Dollar.
  • There is a steep bullish trend line with support at $181 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • On the upside, the pair may soon break the $191 resistance for more gains in the near term.

Ethereum price is rising in a proper technical structure against the US Dollar and Bitcoin, and now ETH/USD may soon break the $191 resistance to test $200.

Ethereum Price Support

Yesterday, we noticed how ETH price started a recovery above the $130 level against the US Dollar. The upside move was decent, as the price later moved above the $150 resistance as well. During the upside move, the price even surpassed the 61.8% Fib retracement level of the last decline from the $203.45 high to $98.35 low. It now looks set for further gains above $185 since it is holding the 100 hourly simple moving average well.

There is a steep bullish trend line on the downside with support at $181 formed on the hourly chart of ETH/USD. The trend line support also coincides with the 23.6% Fib retracement level of the last wave from the $137.87 low to $190.17 high. So, if the price moves down, it may find support at $181-180. A break below might call for a deeper correction towards the 50% Fib retracement level of the last wave from the $137.87 low to $190.17 high.

Ethereum Price Technical Analysis ETH USD

On the upside, a break above the $191 horizontal resistance is required for further gains. If there is a rise above above $191, the next major hurdle is at $200 where buyers may be tested.

Hourly MACD – The MACD is placed well in the bullish zone, and showing positive signs.

Hourly RSI – The RSI is currently in the overbought levels with no sign of a dip.

Major Support Level – $181.00

Major Resistance Level – $191.00

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