Ethereum Price Technical Analysis – Buying Worked, Further Gains Eyed

Key Highlights
Ethereum price continued to gain bids against the US Dollar and closed above the $12.00 resistance level.
Yesterday’s idea of buying dips worked perfectly, as the ETH bulls defended the downside move.
There is a new bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a support area for the pair.
Ethereum price retained its bullish bias against the US Dollar, and my yesterday’s idea did well. Now, can ETH/USD trade further higher?

Ethereum Price Trend

Ethereum price ETH continued to gain traction and moved above the all-important $12.00 resistance area against the US Dollar. Yesterday, I highlighted the importance of the 100 hourly simple moving average and the 50% Fib retracement level of the last wave up from the $10.83 low to $12.03 high. I was hoping them to act as a buy zone and provide bids.

Both the stated area provided support and pushed the price higher. There is a now a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a catalyst for the upside move and helping buyers. The price recently traded as high as $12.86, and currently correcting lower.

On the downside, the trend line along with the 38.2% Fib retracement level of the last leg from the $10.84 low to $12.86 high may act as a support zone. As long as the price is above the stated support area, there is a chance of more gains in the near term. A break below the trend line may take the price towards the 61.8% Fib retracement level of the last leg from the $10.84 low to $12.86 high may act as a support zone.

Hourly MACD – The MACD is in the bullish zone, calling for more gain in ETH.

Hourly RSI – The RSI is also above the 50 level, which is a bullish sign.

Major Support Level – $12.10

Major Resistance Level – $12.60