Key Highlights

• ETH price remained in an uptrend against the US Dollar, and tested the $11.30 level as forecasted.
• Yesterday’s highlighted ascending channel pattern on the hourly chart of ETH/USD (data feed via SimpleFX) is still active and taking the price higher.
• The price is likely to trade further higher may be towards the $11.43 level.

Ethereum price retained the bullish bias against the US Dollar to settle above $11.20. ETH/USD may continue to move higher in the short term.

Ethereum Price Trend

There were continuous bids presented, which is why there were more gains towards $11.30 in ETH price against the US Dollar. Yesterday, I mentioned that the price already broke the 50{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} Fib retracement level of the last decline from the $11.22 high to $10.88 low. It means, the chances of it testing the 1.236 extension of the same wave at $11.30 are very high. The price did trade higher, and tested the $11.30 level.

The most important part it the fact the price remains supported on the downside near $11.10. And, yesterday’s highlighted ascending channel pattern on the hourly chart of ETH/USD (data feed via SimpleFX) is positioned with support at $11.22. So, if the price dips from the current levels, the channel support at $11.20 may act as a support area. On the upside, there is a chance of the price testing the 1.618 extension of the last decline from the $11.22 high to $10.88 low at $11.43.

As long as the channel support is active, there can be more gains. However, I see signs of the price losing momentum, which is a warning sign. So, one should avoid entering with high risk, as there can be a correction lower.

Hourly MACD – The MACD is in the bullish slope, but slowly reducing the slope.

Hourly RSI – The RSI is well above the 50 level, which is a bullish sign.

Major Support Level – $11.10

Major Resistance Level – $11.43

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.

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