Key Highlights

ETH price extended gains above $260 and traded to a new high at $263.73 against the US Dollar.

There is an ascending channel pattern forming with support at $255 on the hourly chart of ETH/USD (data feed via SimpleFX).

The pair may soon break the $263.73 high and trade towards $268.10 in the near term.

Ethereum price gained further against the US Dollar and Bitcoin, and now ETH/USD is looking to extend gains above $263 towards $268-270.

Ethereum Price Bullish Extension

There was yet another spike in ETH price above $245 against the US Dollar. A new high was formed at $263.73, as the bullish trend remains intact. The price recently corrected lower, and moved towards the $245 level where it found support. Yesterday’s highlighted bullish trend line with support at $238 on the hourly chart is still intact. It can be considered as the current trend support near $240.245.

There is also an ascending channel pattern forming with support at $255 on the hourly chart of ETH/USD. It is currently pushing the price up, and holding losses below $245. There is already a break above the 61.8% Fib retracement level of the last decline from the $263 high to $245 low. So, there are chances of a break above the last swing high at $263.73 for a new all-time high.

The next major resistance on the upside is at $268.10. It represents the 1.236 extension of the last decline from the $263 high to $245 low. As long as the channel and the trend line support at $240 is intact, ETH may break $263 towards $268. Above $268, the price could even challenge sellers at $275. The 100 hourly simple moving average is at $234 and moving nicely higher, which is a positive sign.

Hourly MACD – The MACD is placed well in the bullish slope.

Hourly RSI – The RSI is near the 65 level, and showing positive signs.

Major Support Level – $240

Major Resistance Level – $268

Charts courtesy – SimpleFX