Key Highlights
ETH price surged further higher against the US Dollar and moved above $23.10.There are two bullish trend lines formed on the hourly chart (ETH/USD, data feed via SimpleFX), which might act as a support near $22.80.Overall, the trend is super bullish for the price, and it may test $25 in the near term.
Ethereum price bullish momentum continued against the US Dollar, as ETH/USD now looks set for a move towards the $25 handle.
Ethereum Price Trend
The upside momentum for ETH price extended as it was above to move above $22.80 and $23.10 against the US Dollar. All the highs were broken, as it formed a new high almost every session for the past two days. In this way, there is a chance that the price may trade towards $25 in the near term. The price cleared all hurdles on the way up, and managed to settle above $22. If the current momentum stays intact, there can be more gains.
On the upside, the price is currently trading near $23.70, and looking to extend gains. A push towards $24 is very likely where there can be a reaction. If the price corrects lower, there can be many supports. First, there are two bullish trend lines formed on the hourly chart (ETH/USD, data feed via SimpleFX) with support near $22.80. Moreover, the 23.6% Fib retracementlevel of the last wave from the $16.83 low to $23.70 high might also act as a support near $22.10.
However, whenever a correction initiates, there could be a move towards the 50% Fib retracement level of the last wave from the $16.83 low to $23.70 high at $20.20. All in all, the trend is positive with $25 in sight.
Hourly MACD – The MACD is extremely in the bullish zone.
Hourly RSI – The RSI is in the overbought levels, looking to extend gains.
Major Support Level – $22.80
Major Resistance Level – $24.00
Charts courtesy – SimpleFX
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