Ethereum Price Technical Analysis – ETH/USD Steady Uptrend

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

ETH price continued to trade with a bullish trend and spiked above $14.20 against the US Dollar.
There is a new connecting bullish trend line formed with support at $13.80 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair is likely to trade further higher with a break above the $14.50 high.

Ethereum price extended this past week’s gains against the US Dollar, and now it looks like ETH/USD is sighting a move towards $15.00.

Ethereum Price Trend Line Support

This past week there was an uptrend initiated with a break above $11.40 in ETH price against the US Dollar. Later, the price extended gains and made a move above $13.00. The trend was such that the price also able to clear the $14.00 handle, and recently traded as high as $14.53. The trend is clearly in the favor of the buyers and any major corrections from the current levels might be bought near $14.00 or $13.80.

On the downside, an initial support is at $14.06. The stated level also represents the 23.6% Fib retracement level of the last wave from the $12.53 low to $14.53 high. Below $14.00, there is a new connecting bullish trend line formed with support at $13.80 on the hourly chart of ETH/USD (data feed via SimpleFX). The trend line support also coincides with the 38.2% Fib retracement level of the last wave from the $12.53 low to $14.53 high. So, we can say there are two important support levels on the downside – $14.00 and $13.80.

If the pair corrects lower, then these two levels might act as a strong support. On the upside, a break above $14.53 could ignite a wave towards the next major hurdle at $15.00.

Hourly MACD – The MACD strongly placed in the bullish zone with no sign of a correction.

Hourly RSI – The RSI is around the overbought levels, and looks to extend gains.

Major Support Level – $14.00

Major Resistance Level – $14.50

Charts courtesy – SimpleFX

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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