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Ethereum Price Technical Analysis

Ethereum Price Technical Analysis – ETH/USD Buyers Gain Pace

Avatar Aayush Jindal 3 years ago

Key Highlights

  • ETH price after a mild correction against the US Dollar jumped higher to hit the $8.50 level.
  • There is a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is likely to act as a support on the downside at $7.90-80.
  • It looks like ETH buyers are now in control and may attempt to take the price further higher.

Ethereum price surged further higher after a tiny correction, and it looks like the ETH/USD pair is positioning for more gains in the near term.

Ethereum Price Upside Surge

ETH price started a nice upside move against the US Dollar and Bitcoin. An initial leg was completed near $7.60 from where the price corrected a few points lower. There was a move towards the 23.6% Fib retracement level of the last wave from the $5.69 low to $7.69 high at $7.10-00. The stated levels acted as a support area and produced a bounce in ETH/USD.

There was a solid rise in the pair, breaking a couple of important resistance levels. First, the $8.00 handle was broken, and second the price moved above the $8.20 pivot. A new weekly high of $8.53 was established before there were offers presented. The price is currently correcting lower, and about to test the 23.6% Fib retracement level of the last wave from the $7.06 low to $8.53 high. However, there is a chance of an extension of the current wave.

Ethereum Price Technical Analysis

On the downside, there is a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. It may act as a major support on the downside around the $7.90-80 levels.

Hourly MACD – The MACD is placed well in the bullish zone, and signaling more gains.

Hourly RSI – The RSI is currently in the overbought levels, and may move down a bit.

Major Support Level – $7.90

Major Resistance Level – $8.80

 

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...

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