Ethereum Price Technical Analysis – ETH/USD Upside Break?

Ethereum Price Technical Analysis ETH USD

Key Highlights

  • ETH price gained bids recently and moved above the $192.00 resistance against the US Dollar.
  • There was a break above a bearish trend line at $188 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is currently struggling to move above the 100 hourly simple moving average and the $196 resistance.

Ethereum price recently recovered a few points against the US Dollar and Bitcoin, and now ETH/USD has to move above $196-200 for more gains.

Ethereum Price Upside Hurdle

There was a recovery wave started from the $176 level in ETH price against the US Dollar. The price managed to move above the $172 resistance and the 23.6% Fib retracement level of the last decline from the $218 high to $176 low. There was even an upside break above the $192-200 resistance. The price traded above the 100 hourly simple moving average and as high as $209. There was even a break above a bearish trend line at $188 on the hourly chart of ETH/USD

Later, buyers lost momentum and the price moved back below $200 and the 100 hourly simple moving average. The price traded below the 23.6% Fib retracement level of the last wave from the $176 low to $209 high. However, the downside move was protected by the $192-190 support. The 50% Fib retracement level of the last wave from the $176 low to $209 high also stopped the downside move. The price is currently attempting a bounce back, but struggling to clear the 100 hourly simple moving average and $200.

Ethereum Price Technical Analysis ETH USD

A close above $200 is needed for more gains in the near term. On the upside, the next upside target above $209 is $218.

Hourly MACD – The MACD is reducing its bullish slope.

Hourly RSI – The RSI is currently attempting to move above the 50 level.

Major Support Level – $192

Major Resistance Level – $200

 

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.

Subscribe to our newsletter



Related Posts