Ethereum Price Technical Analysis – ETH/USD Grinding Higher




Ethereum price is trading with a positive bias against the US Dollar and Bitcoin, and soon ETH/USD might move above $226 for more gains.
Ethereum Price Technical Analysis ETH USD

Key Highlights

  • ETH price remained supported above the $215 level against the US Dollar and moved higher.
  • Yesterday’s highlighted short-term contracting triangle with resistance near $220-218 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
  • There pair is slowly moving higher, but lacks bullish momentum for a break above $226.

Ethereum price is trading with a positive bias against the US Dollar and Bitcoin, and soon ETH/USD might move above $226 for more gains.

Ethereum Price Trend

There were decent moves in ETH price above the $215 level against the US Dollar. The price mostly traded with a positive bias, and avoided a decline towards $208. The most important thing was a break above the $218 resistance. There was even a break above yesterday’s highlighted short-term contracting triangle with resistance near $220-218 on the hourly chart of ETH/USD. It has cleared the hurdles for more gains.

It is already above the 50% Fib retracement level of the last decline from the $230.71 high to $214.19 low. However, the price seems to be struggling near $226 in the short term. It represents the 76.4% Fib retracement level of the last decline from the $230.71 high to $214.19 low. So, a break above it is needed for a test of $230.71. If buyers remain in action, they can easily take the price above $230. On the downside, there is a new connecting bullish trend line with support at $223 forming on the hourly chart.

Ethereum Price Technical Analysis ETH USD

The price is also well above the $208 support and the 100 hourly simple moving average. Buying dips remains a good option in the near term for a break above $230. However, any major gains could be limited considering the current sentiment.

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

Hourly RSI – The RSI is heading lower towards the 50 level.

Major Support Level – $215

Major Resistance Level – $230

 

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.

SUBSCRIBE TO OUR NEWSLETTER