- ETH price surged above the $400 level and traded to a new all-time high at $424.13 against the US Dollar.
- There is a new bullish trend line forming with support at $400 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price remains a good buy on the downside near the $400 and $390 support levels.
Ethereum price moved sharply higher against the US Dollar and Bitcoin. ETH/USD is currently above $400 and is eyeing more gains in the near term.
Ethereum Price Trend
There was a sharp upside move in ETH price as it moved above the $390 and $400 resistance levels against the US Dollar. The price gained heavy bids above the $400 level and traded to a new all-time high at $424.13. Later, a minor correction wave was initiated from $424.13. It has moved below the 23.6% Fib retracement level of the last wave from the $359.11 low to $424.13 high. However, the downside move seems to be supported above the $400 level.
At present, the 38.2% Fib retracement level of the last wave from the $359.11 low to $424.13 high is acting as a support and preventing declines. There is also a new bullish trend line forming with support at $400 on the hourly chart of ETH/USD. The trend line support is likely to act as a solid barrier for more declines below $390. Moreover, the 50% Fib retracement level of the last wave from the $359.11 low to $424.13 high is near $391. Therefore, the $400 and $390 levels are important supports on the downside.
On the upside, an initial resistance is around $420 followed by $424. A break above $424 would call for more gains in ETH/USD in the near term.
Hourly MACD – The MACD is nicely moving in the bullish zone.
Hourly RSI – The RSI is well above the 50 level despite the recent dip in the price.
Major Support Level – $400
Major Resistance Level – $420
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.
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