Ethereum Price Technical Analysis – ETH/USD’s Upside Drift

Key Highlights

  • ETH price started a nice upside move and traded above the last swing high of $433.77 against the US Dollar.
  • There is a new major ascending channel forming with support at $428 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to accelerate higher and it could trade towards the $444 and $460 levels.

Ethereum price is gaining pace against the US Dollar and Bitcoin. ETH/USD is currently above $433 and eyes a break above the $444 resistance level.

Ethereum Price Rise

There was a solid upside move initiated from the $386 swing low in ETH price against the US Dollar. The price traded higher and broke a few important resistances such as $400 and $410. There was also a close above the $415 level and the 100 hourly simple moving average. Recently, the price succeeded in clearing the 76.4% Fib retracement level of the last decline from the $433 high to $386 low.

More importantly, the price broke the last swing high of $433.77, which has opened the doors for more gains. The next resistance on the upside could be near $444-445. The mentioned $444 is the 1.236 Fib extension of the last decline from the $433 high to $386 low. Overall, the price remains in an uptrend and it could even break the $445 level for more gains. On the downside, there are many supports above the $425 level. There is also a new major ascending channel forming with support at $428 on the hourly chart of ETH/USD.

If the pair starts a downside correction, it could find support near $428-430. Below $428, the price may test the $408 level and the 100 hourly SMA. However, the short-term trend is bullish and the price may soon break $444.

Hourly MACD – The MACD is gaining pace in the bullish zone.

Hourly RSI – The RSI is now reaching the overbought levels.

Major Support Level – $428

Major Resistance Level – $444

 

Charts courtesy – Trading View

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