Ethereum Price
image_pdfimage_print

Ethereum price against the US Dollar (ETH/USD) has gained pace. It has broken above the crucial resistance levels at US$97 and US$99. Currently, it’s trading around US$100 and the upward trending movement is clear. The next nearest targets are US$108 and US$115. Fundamentals are also supporting the upward movement. Coinbase Professional platform has recently listed 4 Ethereum tokens – Zilliqa (ZIL), Maker (MKR), Golem (GNT), and Dai (DAI).

Ethereum Price – Upward Movement Analysis

Ethereum (ETH) price against the US Dollar broke above the resistance area at US$89-90 and went on to trade towards the US$96-97 level yesterday. It settled above the 100-hourly SMA and later came down to test the support area around US$91-92.

Buyers gathered around this support level and successfully broke the crucial resistance levels at US$97 and US$99. Once these resistances are broken, the ETH/USD pair moved above the psychological barrier at US$100 and went on to reach a high at US$104.47. At press time, the Ethereum price is trading at US$100.35 (at Kraken).

Ethereum Price

Ethereum (ETC) Price – Technical Analysis

To get a fair idea about the upcoming price trend of Ethereum (ETH/USD), it is important to check the indicators –

  • A bullish trend line seems to have formed on the ETH/USD hourly chart with a support level at US$97. It’s important to note that this bullish trend line is located close to the 50% Fibonacci retracement level of the recent price movement from the low at US$91 to high at US$104.
    • In case there is a downside movement, a major support level is available at US$100 and US$97.
    • If there is an upward movement above the US$104 level, the ETH/USD price will likely move towards the next resistance levels at US$108 and US$115.
  • A downward Ethereum price movement is also possible. In that case, the initial support level will be formed by the 23.6% Fibonacci retracement level of the recent price movement from the low at US$91 to high at US$104.
  • Hourly MACD is located heavily in the bullish zone.
  • Hourly RSI is reaching close to the overbought zone.

Conclusion

Ethereum price will see an upswing until it is above the US$92 level. The gains may be extended to above US$110. The technical factors of ETH price are getting adequate backing from the fundamental factors. Recently, Coinbase Pro has added four new Ethereum based tokens to the platform. These tokens are Zilliqa (ZIL), Maker (MKR), Golem (GNT), and Dai (DAI). However, they will be available with some geographical restrictions.

Golem and Dai will be available in the United States (except New York), Canada, European Union, United Kingdom, Australia, and Singapore. Zilliqa and Maker will be available in Australia, Singapore, Canada, the European Union, and the United Kingdom. Reports say that these Ethereum tokens may later be made available on both mobile applications and main coinbase.com platform.

 

Photo Credit: https://www.pexels.com/