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Key Highlights
- ETH price gained momentum and successfully broke the $320 resistance against the US Dollar.
- There is a major bullish trend line with support at $330 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair may soon gain pace and move above the $350 resistance in the near term.
Ethereum price remained in an uptrend against the US Dollar and Bitcoin, and now ETH/USD is likely to break $350 for further gains.
Ethereum Price Uptrend Intact
We saw heavy gains in ETH price recently, as it broke the $300 and $320 resistance levels against the US Dollar. The price is following a nice uptrend and trading well above the $300 support. Recently, the price traded to $345.35 where it faced sellers and started a correction. It moved down, and broke the 23.6% Fib retracement level of the last wave from the $319.80 low to $345.35 high.
However, the downside move was limited since there was a decent support at $330-332, which prevented declines. Moreover, there is a major bullish trend line with support at $330 forming on the hourly chart of ETH/USD. It protected additional losses below $330. Lastly, the 50% Fib retracement level of the last wave from the $319.80 low to $345.35 high also acted as a support.
The price is once again moving higher and likely to test $345 soon. If buyers remain in control, there can be an upside move towards $350 as well. On the downside, the trend line support and $335 holds a lot of importance. As long as the price above the $320 support, it is likely to trade above $350 in the near term.
Hourly MACD – The MACD is moving nicely in the bullish slope.
Hourly RSI – The RSI is well above the 50 level, and signaling an upside move.
Major Support Level – $320
Major Resistance Level – $350
Charts courtesy – SimpleFX
