Ethereum Price Weekly Analysis – ETH/USD Monster Rally Is Real

Key Highlights

  • ETH price soaring above the $100 level against the US Dollar was impressive and shows its strength.
  • There is a major bullish trend line formed with support at $88 formed on the daily chart of ETH/USD (data feed via SimpleFX).
  • On the upside, a daily close above $100 could trigger further gains in the near term.

Ethereum price had an impressive run this past week against the US Dollar and Bitcoin, as ETH/USD managed to test $100 and traded with bullish tone.

Ethereum Price Upside Surge

It looks like it was one of the best weeks so far for ETH price as it tested the $100 level against the US Dollar. There was a solid upside surge as the price broke the $80 and $90 levels to test the all-important $100 level. A new high was formed just above $100 at $100.60. It was a great bullish ride, as sellers were completely decimated once there was a break above the $76 swing high. There was even a break above the 1.618 extension of the last decline from the $76 high to $65 low.

The price traded as high as $100.60 and now correcting lower. A nice support is formed near $88.

Read more ... source: NewsBTC USA

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