- ETH price after a minor dip yesterday moved higher against the US Dollar, but the upside was limited.
- There is a new connecting bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a support near $9.80.
- The price is also well supported near the 100 hourly simple moving average, acting as a barrier near $9.95.
Ethereum price managed to stay above a couple of important support levels against the US Dollar. It looks like ETH/USD remains buy on dips.
Ethereum Price Trend Line Support
There was no major downside in ETH price against the US Dollar, as it remained supported near $9.80. The price made a minor dip yesterday, but found bids near the 100 hourly simple moving average at $9.95. The price bounced back and moved above the 38.2% Fib retracement level of the last decline from the $11.42 high to $9.08 low. However, the upside move was also limited, as there was no real push.
The price failed to settle above $10.60, coinciding with the 61.8% Fib retracement level of the last decline from the $11.42 high to $9.08 low. The price dipped once again, but the 100 hourly simple moving average rescued. On the downside, the ETH/USD pair looks supported around the stated SMA. Moreover, there is a new connecting bullish trend line formed on the hourly chart (data feed via SimpleFX).
The trend line support is around $9.75-9.80. So, if there is a dip one more time, the highlighted trend line may act as a support near $9.80. Overall, the price may continue to range trade before it attempts to move higher another time.
Hourly MACD – The MACD is slowly reducing the bullish zone, which is a slight concern.
Hourly RSI – The RSI is also attempting to close below the 50 level, which may ignite a minor dip.
Major Support Level – $9.80
Major Resistance Level – $10.60
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.