Ethereum Price Technical Analysis – ETH/USD To Test $403?


Ethereum price traded above $390 against the US Dollar, and consolidated against Bitcoin. ETH/USD may soon break higher and test at least $403.

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Key Highlights

  • ETH price is gaining bids and moved above the last high of $389.24 against the US Dollar.
  • This week’s crucial bullish trend line with current support at $388 on the hourly chart of ETH/USD (data feed via SimpleFX) is acting as a strong buy zone.
  • The pair is likely to trade higher and it may soon test the $403 level in the near term.

Ethereum price traded above $390 against the US Dollar, and consolidated against Bitcoin. ETH/USD may soon break higher and test at least $403.

Ethereum Price Upside Break

There was an increase in buying interest for ETH price, taking it above the last high of $389.24 against the US Dollar. The price recently traded as high as $393 and looks set for further gains in the near term. It is approaching the 1.236 extension of the last drop from the $389.24 high to $365.72 low. On the downside, the price remains supported by the $388-385 levels.

The most important support is near this week’s crucial bullish trend line with current support at $388 on the hourly chart of ETH/USD. As long as the pair is following the trend line and remains above $385, it could even break the $400 level. The next stop could be the 1.618 extension of the last drop from the $389.24 high to $365.72 low around $403. If buyers stay in control, a test of $405 is also possible.

Only proper close below $385 could dent the current market sentiment. At the moment, it seems very unlikely that the price would break $385 or even test $380. Buying in the short term with a tight stop below $385 can be considered.

Hourly MACD – The MACD is slowly decreasing slope in the bullish zone.

Hourly RSI – The RSI is placed well above the 50 level and showing positive signs.

Major Support Level – $385

Major Resistance Level – $403

 

Charts courtesy – SimpleFX

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