Ethereum Price Technical Analysis – ETH/USD Retains Bullish Bias




Ethereum price after a sharp decline recovered and moved above $50.80 against the US Dollar, putting ETH/USD back in the bullish zone.
Ethereum Price Technical Analysis ETH USD

Key Highlights

  • ETH price after a sharp decline towards $47.40 against the US Dollar found support and recovered.
  • There is a new connecting bearish trend line formed with resistance at $51.40 on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price may dip a few points to $50.80 before finding support for the next move.

Ethereum price after a sharp decline recovered and moved above $50.80 against the US Dollar, putting ETH/USD back in the bullish zone.

Ethereum Price Buy Dips?

It looks like ETH price is back in the bullish zone after a dip towards $47 against the US Dollar. Yesterday, we saw a nasty decline towards $47.40 where the price found support and later started recovering. The upside was excellent, as the price was able to move above the 50% Fib retracement level of the last decline from the $52.42 high to $47.40 low. The upside move was such that the price easily moved above the 50 handle.

Later, there was a move towards 76.4% Fib retracement level of the last decline from the $52.42 high to $47.40 low where it faced sellers. Also, a new connecting bearish trend line with resistance at $51.40 on the hourly chart of ETH/USD acted as a hurdle. At the moment, the price is trading in a tiny range with a chance of a minor dip to $50.80.

Ethereum Price Technical Analysis ETH USD

The price may test the 23.6% Fib retracement level of the last wave from the $47.40 low to $51.78 high. In my view, dips remain supported around $50.80. If there is any decline, the price may find support. The 100 hourly simple moving average is also waiting at $50.60 to provide support if the price moves down.

Hourly MACD – The MACD is now back in the bullish zone.

Hourly RSI – The RSI has moved above the 50 level, and showing positive signs.

Major Support Level – $50.80

Major Resistance Level – $51.40

 

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.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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