Ethereum Price Technical Analysis – ETH/USD Prepares For Ride

Ethereum Price Technical Analysis

Key Highlights

  • ETH price after moving towards the $11.20 level against the US dollar found resistance.
  • The price moved down, and broke a bullish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) at $11.10.
  • However, there was no major downside move, as the price continues to consolidate above the $11.00 support.

Ethereum price started a consolidation phase against the US Dollar with resistance at $11.20, and ETH/USD might be preparing for a ride soon.

Ethereum Price Consolidation

After a nasty decline towards $10.25, ETH price recovered well against the US Dollar. It moved back above the $11.00 resistance, which is now acting as a support for buyers. The price recently traded as high as $11.21 where it found resistance and moved down. However, the downside move was not strong with support at $11.00. During the downside move, the price broke a bullish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) at $11.10.

This is not a good signal, but since there was no major decline, it can be ignored. The price later started consolidating in a range above the $11.00 support. On the upside, the $11.20 level is acting as a resistance, and preventing gains. There were many rejections near the highlighted resistance. On the other hand, the $11.00 is very important. It also coincides with the 100 hourly simple moving average at $10.98.

Ethereum Price Technical Analysis

Moreover, the 23.6% Fib retracement level of the last wave from the $10.24 low to $11.21 high is also around the same support area. So, we can call the $11.00-10.95 area a crucial support zone. A break below it could take the price towards the $10.80 level. On the upside, the next resistance is at $11.40.

Hourly MACD – The MACD is almost flat, suggesting a range trading.

Hourly RSI – The RSI is above the 50 level, but there is no solid positive sign yet.

Major Support Level – $11.00

Major Resistance Level – $11.20

 

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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