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Key points
- The ETH price gained pace and broke resistance levels $ 97 and $ 99 against the US dollar.
- There is an uplinked uptrend line formed with support for $ 97 on the ETH / USD time chart (data feed via Kraken).
- The pair remains in an uptrend and may continue to move higher towards $ 108 or $ 115.
The price of Ethereum has extended the gains over the US dollar and bitcoin. The ETH / USD is positioned well above the $ 97 support for further gains towards $ 108 or $ 115.
Price analysis of Ethereum
Yesterday we witnessed a nice upward recovery above the resistance area $ 89-90 in the ETH price compared to the US dollar. The ETH / USD pair traded towards the $ 96-97 zone and stood above the 100-hour simple moving average. Subsequently, he corrected the lower part and tested the $ 91-92 support area in which the buyers emerged. Finally, there was a new bullish wave and the price broke resistance levels $ 97 and $ 99.
The price even broke the $ 100 level and traded up to $ 104.47. Currently, the price is consolidating earnings close to $ 102, with a bullish angle. On the downside, initial support is the Fib retracement level at 23.6% of the recent wave, from $ 91 down to $ 104 at the top. In addition, there is a linking upward trend line formed with support for $ 97 on the hourly chart of Eth / USD. The trend line is close to the 50% Fibra retracement level of the recent wave, from the low of $ 91 to $ 104. So if there is a downward correction, it is likely that the price will find support close to the $ 97 and $ 100 levels. On the upside, a break above the $ 104 swing could push the price towards $ 108 or $ 115.
Looking at the chart, the ETH price is clearly trading in a bullish trend above $ 97. As long as it stays above the minimum swing of $ 92, it could extend gains above $ 110.
MACD time – The MACD is heavily placed in the bullish zone.
RSI timetable – The RSI is currently near the overbought zone.
Main support level: $ 97
Main resistance level: $ 108
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