Key Highlights
- ETH price traded further higher and traded as high as $107.81 before correcting lower against the US Dollar.
- Yesterday’s highlighted key bullish trend line acted as a support at $98 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its upside move as long as it is holding the $97-98 support area.
Ethereum price remains well bid against the US Dollar and bitcoin. ETH/USD dipped recently, but it was well supported near the $98-100 zone.
Ethereum Price Analysis
Recently, there was a solid upward move above the $97-100 resistance zone in ETH price against the US Dollar. The ETH/USD pair traded above the $104 resistance and formed a new intraday high at $107.81. Later, it started a downside correction and traded below the $104 level. There was a break below the 23.6% Fib retracement level of the last wave from the $92 swing low to $108 swing high.
However, the decline was protected by the $97-98 zone, which was a support earlier. Moreover, yesterday’s highlighted key bullish trend line acted as a support at $98 on the hourly chart of ETH/USD. The 50% Fib retracement level of the last wave from the $92 swing low to $108 swing high also acted as a support. The price is currently trading nicely above the trend line and $97. If it continues to stay above $97, there could be more gains above the $103 and $104 resistance levels. Finally, a break above $107 may push the price towards $110 or $112.
Looking at the chart, ETH price is trading nicely in an uptrend above the trend line and $97. However, if there is a downside extension below $97, the price may perhaps correct further. The next major support is at $95 and the 100 hourly simple moving average.
Hourly MACD – The MACD is currently placed in the bearish zone.
Hourly RSI – The RSI just managed to move back above the 50 level.
Major Support Level – $97
Major Resistance Level – $107
