Key Highlights
- ETH price made a nice upside move and broke the $800 resistance against the US Dollar.
- There was a break above yesterday’s pointed contracting triangle with resistance at $725 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is heading higher and it might continue to move higher towards the $850 and $900 levels.
Ethereum price is surging higher against the US Dollar and Bitcoin. ETH/USD might rocket higher and move toward $850-900 in the near term.
Ethereum Price Uptrend
There was a solid bullish trend in place for ETH price above $700 against the US Dollar. The price after correcting lower and completing a consolidation pattern above $700 broke higher. There was a break above a few important resistances such as $700 and $725. Furthermore, there was a break above the 76.4% Fib retracement level of the last decline from the $758 high to $611 low.
The current trend is super bullish above $720 and the 100 hourly simple moving average. During the upside, there was a break above yesterday’s pointed contracting triangle with resistance at $725 on the hourly chart of ETH/USD. The pair is now above the 1.236 Fib extension of the last decline from the $758 high to $611 low. These are all positive signs and means that the price might surge further towards $850 or $900. The next major resistance is around the 1.618 Fib extension of the last decline from the $758 high to $611 low around $850.
As long as the price is above the $725 level, it will most likely move higher. Moreover, the 100 hourly SMA is at $702 to act as a major buy zone. On the upside, the $850 and $900 are decent target levels.
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI – The RSI is moving higher in the overbought levels with no sign of a correction.
Major Support Level – $725
Major Resistance Level – $900
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
