- ETH price gained pace and broke the $97 and $99 resistance levels against the US Dollar.
- There is a connecting bullish trend line formed with support at $97 on the hourly chart of ETH/USD
- The pair remains in an uptrend and it could continue to move higher towards $108 or $115.
Ethereum price extended gains against the US Dollar and bitcoin. ETH/USD broke the resistance at $97 level and made it into support for more gains towards $108 or $115.
Ethereum Price Analysis
Yesterday, we saw a nice upside break above the $89-90 resistance area in ETH price against the US Dollar. The ETH/USD pair traded towards the $96-97 zone and settled above the 100 hourly simple moving average. Later, it corrected lower and tested the $91-92 support area where buyers emerged. Finally, there was a fresh bullish wave and the price broke the $97 and $99 resistance levels.
The price even broke the $100 level and traded as high as $104.47. Currently, the price is consolidating gains near $102, with a bullish angle. On the downside, initial support is the 23.6% Fib retracement level of the recent wave from the $91 low to $104 high. Moreover, there is a connecting bullish trend line formed with support at $97 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent wave from the $91 low to $104 high. Therefore, if there is a downside correction, the price is likely to find support near the $97 and $100 levels. On the upside, a break above the $104 swing high could push the price towards $108 or $115.
Looking at thechart, ETH price is clearly trading in an uptrend above $97. As long as it stays above the $92 swing low, it could extend gains above $110.
Hourly MACD- The Moving Average Convergence/Divergences (MACD) is placed heavily in the bullish zone.
Hourly RSI–The Relative strength indexis currently near the overbought zone.
Bollinger Bandsindicates a bullish market as the moving average line appears to be above the candles. The bands appear to be at a converging point but may diverge as per the previous trends.
Parabolic SARnotes a bearish market, as the markers are above the candles.
Chaikin Money Flow, on the other hand, showcases a bearish trend, as the line seems to travel upwards and cross zero.
Major Support Level – $97
Major Resistance Level – $108
As per the Chaikin Money Flow, the market appears to be bearish but other indicators like Bollinger Bands, point towards a bullish trend. However, many coins are performing well since December 17 and have double digits growth. If the $97 support remains unbroken then the market could turn green for Ethereum in the short term.