- ETH price is slowly moving higher and is currently trading above $830 against the US Dollar.
- There is a major bullish trend line forming with support at $832 on the hourly chart of ETH/USD.
- The pair is likely to grind higher and it could even trade above the $860 resistance in the near term.
Ethereum price is slightly bullish against the US Dollar and Bitcoin. ETH/USD is eyeing further gains with supports on the downside at $832 and $825.
The price of ETHEREUM fluctuates around the pivotal resistance 848.14, and the resistance line shown in the image is being tested. This will require caution from the coming trades. Moving above the current levels will push the price to attempt to regain the main upside trend targeting levels of 958.16 then 1068.17.
So far, we continue to push the bearish trend in the coming sessions unless 865.00 is breached and stability above it, noting that the next target is at 712.00.
There was a fresh downside wave in ETH price from the $865 high against the US Dollar. The price traded lower and broke the $850 and $840 levels. It traded as low as $814 where buyers prevented further declines. An upside wave was initiated and the price was able to move above the 23.6% Fib retracement level of the last decline from the $865.19 high to $814.03 low.
An immediate resistance is around the 50% Fib retracement level of the last decline from the $865.19 high to $814.03 low. However, the price is likely to move higher and it may soon break the $850 resistance, and settle above the 100 hourly simple moving average. The most important resistance on the upside is at $865. It is a pivot level for a move towards $890.