Key Highlights
- ETH price after a major correction towards $199.75 found support against the US Dollar and started a recovery.
- There was a break above a major bearish trend line with resistance near $280.00 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to trade higher and could even trade towards $320-330.
Ethereum price found support against the US Dollar and Bitcoin. ETH/USD is gathering pace and about to surge higher in the near term.
Ethereum Price Upside Move
This past week we saw mostly negative moves in ETH price as it traded as low as $199.75 against the US Dollar. The price was under a lot of pressure, but later it found support above $200 and started a recovery. It gathered pace during the past 2-3 sessions, and moved above $250. The price even managed to break the 38.2% Fib retracement level of the last decline from $339.54 high to $199.75 low.
It is a positive sign since the price traded above $260. However, the most important break was of $278. There was a major bearish trend line with resistance near $280.00 on the 4-hours chart of ETH/USD. The pair cleared the $278-280 resistance and the 100 simple moving average (H4). Buyers even succeeded in breaking the 50% Fib retracement level of the last decline from $339.54 high to $199.75 low. The doors are now open for more gains above the $285 level.
The next stop is around the 76.4% Fib retracement level of the last decline from $339.54 high to $199.75 low. The current market sentiment is very positive, which means the price could even test the last swing high of $338. Buying dips is now back towards the $270 level in the near term.
4-hours MACD – The MACD is now moving back in the bullish zone.
4-hours RSI – The RSI is now well above the 50 level.
Major Support Level – $270
Major Resistance Level – $305
Charts courtesy – SimpleFX
