Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD broke a key resistance for further gains above $347.
This past week was mostly bullish for ETH price as it moved above the $320 resistance level against the US Dollar. The upside move was steady and the price was also able to break an important resistance at $328. The mentioned break has opened the doors for more gains above the $345 level in the near term. The price traded as high as $347.63 today and looks set for more gains in the near term.
An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $319.93 low to $347.63 high. However, the most important support is near $337. There is a major bullish trend line forming with support at $337 on the 4-hours chart of ETH/USD. Moreover, the 38.2% Fib retracement level of the last wave from the $319.93 low to $347.63 high is also close to the trend line support. Therefore, any correction from the current levels might find bids near $337-335.
On the upside, the price will most likely break the recent high of $347.63. Above this last, the pair is likely to move above $350 for further gains. In the short term, dips toward $337 and $328 can be seen as a buying opportunity as long as the price is above $320.
4-hours MACD â The MACD is mostly in the bullish zone.
4-hours RSI â The RSI is currently approaching the 70 level.
Major Support Level â $337
Major Resistance Level â $347
Charts courtesy â SimpleFX
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