22-07-2017
08:55 pm
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Ethereum Price Technical Analysis – ETH/USD Back In Bullish Zone




Ethereum price managed to recover well from losses against the US Dollar and Bitcoin, and now ETH/USD is back in the bullish zone.
Ethereum Price Technical Analysis ETH USD

Key Highlights

  • After a sharp decline in ETH price towards the $80 handle against the US Dollar, a recovery started.
  • A major bearish trend line with resistance at $87.90 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
  • The price is currently attempting a close above the 100 hourly simple moving average at $89.

Ethereum price managed to recover well from losses against the US Dollar and Bitcoin, and now ETH/USD is back in the bullish zone.

Ethereum Price Recovery

Yesterday, we saw a major decline in ETH price below $85 against the US Dollar. There was a sharp downside move and the price traded as low as $82.39. I mentioned that there is a chance of the price testing the 1.236 extension of the last wave from the $83.35 low to $93.49 high. It almost tested the same, traded as low as $82.39, and started a recovery. ETH/USD was successful in breaking the 38.2% Fib retracement level of the last decline from the $93.49 high to $82.39 low.

However, the most important break was above a major bearish trend line with resistance at $87.90 on the hourly chart of ETH/USD. At the moment, the price is attempting a close above the 100 hourly simple moving average at $89. Moreover, the 61.8% Fib retracement level of the last decline from the $93.49 high to $82.39 low is acting as a resistance and preventing further gains.

Ethereum Price Technical Analysis ETH USD

In my view, the price needs to close above the 100 hourly simple moving average and $90. If may find it difficult, so there can be a dip towards $87-85 before it makes another attempt. On the upside, the next major hurdle is near $90.87, which represents a swing high.

Hourly MACD – The MACD is attempting to move in the bullish zone.

Hourly RSI – The RSI has managed to move above the 50 level.

Major Support Level – $87.00

Major Resistance Level – $90.00

 

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 seven years 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 and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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