- ETH price after trading as low as $10.28 against the US Dollar yesterday started a recovery.
- There was a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken to open the doors for more gains.
- The price bounced from a perfect technical support area, suggesting the price may gain further.
Ethereum price after a minor dip yesterday against the US Dollar found support, and ETH/USD currently looks set for more upsides in the near term.
Ethereum Price Bullish Move
ETH price after trading as high as $11.35 started a correction phase against the US Dollar. During the correction, the price broke the 100 hourly simple moving average, and the 23.6% Fib retracement level of the last leg from the $9.23 low to $11.35 high. However, the price later found a major support on the downside. The ETH/USD pair found buyers near $10.28, since it represents the 50% Fib retracement level of the last leg from the $9.23 low to $11.35 high.
There was a perfect bounce from the stated fib level, which can be seen as a major technical support. The price traded higher and cleared the 100 hourly simple moving average on the way up. Moreover, the price also cleared a bearish trend line formed on the hourly chart (data feed via SimpleFX). All in all, it was a good move by ETH, and suggests that the price may continue to move higher.
If the buyers remain in action, there is a strong possibility of ETH moving above the last swing high of $11.35 to set a new weekly high.
Hourly MACD – The MACD is about to change the slope from the bearish to bullish zone.
Hourly RSI – The RSI is now above the 50 level, which is a good sign for the people looking to buy ETH.
Major Support Level – $10.50
Major Resistance Level – $11.00
Charts courtesy – SimpleFX