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Ethereum Price Technical Analysis

Ethereum Price Technical Analysis – ETH/USD Remains Supported

Avatar Aayush Jindal 3 years ago

Key Highlights

  • ETH price after a minor dip yesterday moved higher against the US Dollar, but the upside was limited.
  • There is a new connecting bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a support near $9.80.
  • The price is also well supported near the 100 hourly simple moving average, acting as a barrier near $9.95.

Ethereum price managed to stay above a couple of important support levels against the US Dollar. It looks like ETH/USD remains buy on dips.

Ethereum Price Trend Line Support

There was no major downside in ETH price against the US Dollar, as it remained supported near $9.80. The price made a minor dip yesterday, but found bids near the 100 hourly simple moving average at $9.95. The price bounced back and moved above the 38.2% Fib retracement level of the last decline from the $11.42 high to $9.08 low. However, the upside move was also limited, as there was no real push.

The price failed to settle above $10.60, coinciding with the 61.8% Fib retracement level of the last decline from the $11.42 high to $9.08 low. The price dipped once again, but the 100 hourly simple moving average rescued. On the downside, the ETH/USD pair looks supported around the stated SMA. Moreover, there is a new connecting bullish trend line formed on the hourly chart (data feed via SimpleFX).

Ethereum Price Technical Analysis

The trend line support is around $9.75-9.80. So, if there is a dip one more time, the highlighted trend line may act as a support near $9.80. Overall, the price may continue to range trade before it attempts to move higher another time.

Hourly MACD – The MACD is slowly reducing the bullish zone, which is a slight concern.

Hourly RSI – The RSI is also attempting to close below the 50 level, which may ignite a minor dip.

Major Support Level – $9.80

Major Resistance Level – $10.60

 

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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