- ETH price extended upsides and traded above the $114-116 resistance area against the US Dollar.
- This week’s followed major bullish trend line is intact with support at $106 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains in a solid uptrend and dips near $108 and $106 are likely to find strong bids.
Ethereum price gained bullish momentum against the US Dollar and bitcoin. ETH/USD traded close to $120 and it remains well supported for more gains.
Ethereum Price Analysis
Yesterday, we discussed that dips in ETH price remain supported above $97 against the US Dollar. The ETH/USD pair did correct lower in the short term, but buyers protected the $97-100 support zone. Later, there was a fresh upside move and the price traded above the $110 and $112 resistance levels. The price even broke the $114-116 resistance zone and traded close to the $120 level.
A high was formed near $119 and the price is currently correcting lower. An initial support is at $114 and the 23.6% Fib retracement level of the recent leg from the $99 low to $119 high. However, the main support is near the $109-110 zone, which was a resistance earlier. Moreover, this week’s followed major bullish trend line is intact with support at $106 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent leg from the $99 low to $119 high. Therefore, if the price corrects lower, it could find support near the $108-109 zone.
Looking at the chart, ETH price remains in an uptrend above $106 and the 100 hourly simple moving average. On the upside, a break above the $119-120 zone may push the price towards $125 or even $130.
Hourly MACD – The MACD is slowly moving back into the bearish zone.
Hourly RSI – The RSI is currently correcting lower from the 70 level towards the 55 level.
Major Support Level – $108
Major Resistance Level – $120
Photo via Shutterstock.