Ethereum Price Technical Analysis – ETH/USD Resistance Turned Support

Key Highlights

  • ETH price corrected lower further against the US Dollar, but found support near $9.60.
  • There is a connecting bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is currently acting as a resistance near $10.05.
  • The price remains supported on the downside, as an earlier resistance is now acting as a barrier for sellers near $9.60.

Ethereum price dived yesterday towards $9.60 against the US Dollar, but found support, and it looks like ETH/USD may attempt to trade higher.

Ethereum Price Resistance

There was a downside extension yesterday in ETH price against the US Dollar, taking it towards the $9.60 area. The stated level acted as a support and prevented the downside move. It is important to note that earlier, the same level was a resistance. And, now it acted as a support near $9.60, which is a positive sign. Moreover, the price bounced from the 76.4% Fib retracement level of the last wave from the $9.37 low to $10.37 high.

Another important point was the fact that the price bounced from the 100 hourly simple moving average. The price is now back higher, but facing sellers near a connecting bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. So, there is a resistance near $10.05, which also coincides with the 61.8% Fib retracement level of the last decline from the $10.37 high to $9.57 low.

Ethereum Price Technical Analysis

So, it looks like the price is back in the bullish zone, and may looks to trade higher. However, it needs to break the trend line resistance near $10.05 for further gains. If all goes well, there can be a test of $10.20 in the near term.

Hourly MACD – The MACD is currently flat, suggesting range moves.

Hourly RSI – The RSI is now back above the 50 level.

Major Support Level – $9.60

Major Resistance Level – $10.05

 

Charts courtesy – SimpleFX

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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