Key Highlights
- ETH price gained bullish momentum recently and it was able to move above $865 against the US Dollar.
- There is a connecting bullish trend line forming with support at $862 on the hourly chart (data feed via SimpleFX).
- The pair may continue to move higher towards $885 as long as it is above the $862-860 levels.
Ethereum price is slowly moving higher against the US Dollar and Bitcoin. ETH/USD could trade above $885 in the near term if buyers remain in action.
Ethereum Price Trend
There was a slow and steady rise in ETH price above the $850 level against the US Dollar. The price traded higher and moved above the $865 resistance. It traded as high as $884 before starting a downside correction. There was a downside move and the price traded below the $870 level. A low was formed at $855 where buyers appeared and prevented further declines.
A fresh upside wave was initiated and the price traded above the 23.6% Fib retracement level of the last decline from the $884 high to $855 low. On the downside, there is a connecting bullish trend line forming with support at $862 on the hourly chart. The pair is currently facing resistance near $875 and the 61.8% Fib retracement level of the last decline from the $884 high to $855 low. Once there is a close above the $875 level, the price may move above the recent high of $885. Above $885, the price may even break the $900 resistance.
If the price fails to move above $885, there could be a downside reaction. A break below the trend line support at $862 may perhaps ignite more declines. Any further losses would push the price towards the $825 level in the near term.
Hourly MACD – The MACD is struggling to remain in the bullish zone.
Hourly RSI – The RSI is moving higher and is currently above the 50 level.
Major Support Level – $860
Major Resistance Level – $885
Charts courtesy – SimpleFX
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