Ethereum Price Rockets Higher
In the weekly analysis, I mentioned that ETH price may continue to rally against the US Dollar above $75. The price did move higher, and broke a lot many resistances like $82 and $85 on the way up. It recently made a new high at $86.07 and looks unstoppable. First, there was a rise towards the $82 level where it found sellers and started a correction. It traded below the 23.6% Fib retracement level of the last wave from the $75.46 low to $82.59 high.
The downside move extended, as the price traded towards $79 where it found bids. It tested the 38.2% Fib retracement level of the last wave from the $75.46 low to $82.59 high. The correction completed, and the price moved back above $80 and $82. Later, it rocketed higher and traded above the $85 level. A new high was formed at $86.07, and it looks like the price may continue to trade towards $90.
On the downside, there are two bullish trend lines with support at $83.00 formed on the hourly chart of ETH/USD. So, if the pair declines from the current levels, it could find support at $83 or $82. Overall, it could test $90 in the near-term.
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