- ETH price after correcting towards the $9.10 level against the US Dollar found support and moved higher.
- There was a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken during the recent upside at $9.65.
- The price is also above the 100 hourly simple moving average, which may now act as a support.
Ethereum price may have completed a correction against the US dollar. So, can ETH/USD move higher one more time towards $10.80?
Ethereum Price Support
There was a correction from the $11.42 initiated in in ETH price against the US Dollar. The price traded lower and traded near the swing low of $9.10. Later, the price stated recovering, and moved above the 23.6% Fib retracement level of the last decline from the $11.42 high to $9.08 low. It opened the doors for more gains ETH/USD, and pushed the pair higher.
The upside move was such that there was a break above a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. The price also moved above the 100 hourly simple moving average. At the moment, the upside move is finding resistance near the 50% Fib retracement level of the last decline from the $11.42 high to $9.08 low. So, there is a chance of a minor dip in the short term before the price attempts to trade higher one more time.
On the downside, the 100 hourly simple moving average may now act as a support. Moreover, the broken trend line might also provide bids near the $9.65-9.75 area. One may even consider buying dips as long as the price is above the $9.55 level.
Hourly MACD – The MACD is now back in the bullish zone, and showing positive signs.
Hourly RSI – The RSI is also above the 50 level, which is a bullish sign.
Major Support Level – $9.65
Major Resistance Level – $10.25
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.