Ethereum Price Technical Analysis – ETH/USD Facing Crucial Test

Ethereum Price Technical Analysis ETH USD

Key Highlights

  • ETH price started a recovery from the $390 swing low against the US Dollar, but is facing many hurdles.
  • There is a short-term bearish trend line forming with resistance near $430 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair might struggle to break the $430 and $458 resistance levels in the near term.

Ethereum price is correcting higher against the US Dollar and Bitcoin. ETH/USD has to move above $430 and $458 to overcome the current pressure.

Ethereum Price Upside Hurdles

There was continuous pressure on ETH price as it remained below the $458 resistance against the US Dollar. The price started a recovery from the $390 swing low and moved above $420. It even moved above the 50% Fib retracement level of the last drop from the $455.99 high to $390.74 low. However, the price is facing many hurdles on the upside near $430 and $458.

The current recovery was capped by the 76.4% Fib retracement level of the last drop from the $455.99 high to $390.74 low. There is also a short-term bearish trend line forming with resistance near $430 on the hourly chart of ETH/USD. If the pair succeeds in breaking the trend line resistance at $430, it might challenge $455-458. The stated $458 level is very important as a resistance. It acted as a support earlier and now it might prevent gains above $460. Moreover, the 100 hourly simple moving average is near $455 to prevent buyers from taking control.

Ethereum Price Technical Analysis ETH USD

It looks like the price might trade in a range below $455 for some time before it makes an upside move. On the downside, a couple of important supports are at $410 and $400 followed the recent low at $390.

Hourly MACD – The MACD has reduced most of its bearish slope.

Hourly RSI – The RSI is currently just around the 50 level and has reduced most bearish signs.

Major Support Level – $420

Major Resistance Level – $455

 

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