Key Highlights
- ETH price traded higher recently and broke the $89-90 resistance area against the US Dollar.
- There was a break above a crucial bearish trend line with resistance at $87 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair traded as high as $97 and it is currently consolidating gains above $90.
Ethereum price made a nice bullish move against the US Dollar and bitcoin. ETH/USD is now trading in a bullish zone and it may find a strong support near $89-90.
Ethereum Price Analysis
After a minor downside correction from $88, ETH price found support near $83 against the US Dollar. The ETH/USD pair formed a support base near $83 and later started a solid upside move. It jumped above the $86 resistance and the 100 hourly simple moving average. The upside move was strong as the price even managed to surpass a significant barrier near the $89-90 zone.
Moreover, there was a break above a crucial bearish trend line with resistance at $87 on the hourly chart of ETH/USD. The pair climbed above the $95 level and traded close to $97. It is currently correcting lower below the $95 level. The price is trading near the 23.6% Fib retracement level of the last wave from the $83 low to $97 high. However, there are many supports on the downside near the $89-90 zone. The previous resistance near $90 is likely to act as a strong support. Besides, the 50% Fib retracement level of the last wave from the $83 low to $97 high is near $90.
Looking at the chart, ETH price clearly climbed above key hurdles near $90, which may now act as supports. On the upside, a break above $96-97 may push the price towards the $100 and $105 resistance levels.
Hourly MACD – The MACD is slowly moving back in the bearish zone.
Hourly RSI – The RSI is currently well above the 60 level.
Major Support Level – $90
Major Resistance Level – $97