- ETH price made a nice upside move and traded above the $780 resistance against the US Dollar.
- There was a break above a major bearish trend line with resistance at $775 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is now placed nicely above the $780 level and the 100 hourly simple moving average.
Ethereum price is slowly gaining momentum against the US Dollar and Bitcoin. ETH/USD may soon move above the $840 resistance to gain further momentum.
Ethereum Price Support
There was a fresh start of an upside move in ETH price yesterday above the $700 level against the US Dollar. The price was seen struggling to break the $780 resistance yesterday. However, it was successful in breaking the mentioned $780 resistance and gained upside momentum. There was also a break above the 76.4% Fib retracement level of the last decline from the $850 high to $553 low.
More importantly, there was a break above a major bearish trend line with resistance at $775 on the hourly chart of ETH/USD. The pair is now back in the bullish bias above the $775-780 level and the 100 hourly simple moving average. It traded as high as $848 recently and it is currently correcting lower. It already tested the 38.2% Fib retracement level of the last wave from the $553 low to $848 high. There is a bullish trend line forming with support at $740, which is acting as a good buy zone.
As long as the pair is above the $730-740 levels, it could continue to move higher. Above $848, the price may test the $900 level in the near term. On the downside, below $730, the price may retest the $700 pivot area.
Hourly MACD – The MACD is slowly losing grip in the bullish zone.
Hourly RSI – The RSI is just holding the 50 level with a minor downside angle.
Major Support Level – $730
Major Resistance Level – $848
Charts courtesy – SimpleFX
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