Key Highlights
- ETH price made a nice upside move and traded above the $365.00 level against the US Dollar.
- There is a major bullish trend line forming with support at $366 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might soon retest the recent high of $371.95 and it could even break it.
Ethereum price is moving higher against the US Dollar and Bitcoin. ETH/USD might soon break $380 for further gains in the near term.
Ethereum Price Support
The past two days were mostly bullish for ETH price as it moved above $365 resistance against the US Dollar. The price traded above the $370 level and formed a high at $371.95. Earlier, a downside move was initiated from the $370.50 high and the price traded below the 23.6% Fib retracement level of the last wave from the $325.09 low to $370.12 high. However, the stated move was only a part of a correction as the price found support near $350.
The 50% Fib retracement level of the last wave from the $325.09 low to $370.12 high acted as a major support. Moreover, there is a major bullish trend line forming with support at $366 on the hourly chart of ETH/USD. The trend line support prevented declines below $350 and is currently acting as a major support. The pair is now moving up again and is currently trading above $365. It seems like it will most likely continue to move higher and it could soon break $380.
If buyers remain in control, there is a chance of further gains above $380. The next target for buyers could be near $385 where sellers are likely to appear. If all goes well, there can be a test of the $390-395 zone. On the downside, the $365-360 support remains a major buy area.
Hourly MACD – The MACD is placed well in the bullish zone.
Hourly RSI – The RSI is currently well above the 50 level and moving higher.
Major Support Level – $365
Major Resistance Level – $380
Charts courtesy – SimpleFX
