- ETH price remained in the positive zone against the US Dollar and traded as high as $45.94.
- There is a nice bullish trend line with support at $41.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
- There can be a minor dip towards $42 before the price gathers pace one more time.
Ethereum price maintained its bullish pace against the US Dollar, and it looks like ETH/USD is forming a nice support around $42.
Ethereum Price Dip and Bounce
Yesterday, we discussed how ETH price is gaining pace against the US Dollar. It even moved a lot higher versus the Bitcoin, and was above 0.039BTC. The most important point was the fact that the price remained above the $36 level and the momentum stayed intact. It resulted in more gains towards the $38 or $40 levels. It not only tested the $40, but also broke it for a move towards $45. A new high was formed at $45.94 from where the price has initiated a minor correction.
The price during the upside broke a resistance trend line at $43.10 on the hourly chart (ETH/USD, data feed via SimpleFX). The same trend line is now acting as a support. There is a chance that the price might break it for a downside move towards $42. There is a nice bullish trend line with support at $41.80 positioned on the same chart. So, even if the price moves down, there is a nice support waiting near $41.80.
Moreover, the 23.6% Fib retracement level of the last wave from the $28.31 low to $45.94 high is also around the trend line support. So, if there is a dip, it can be considered as a buying opportunity near $42.
Hourly MACD – The MACD remains in the bullish area, which is a positive sign.
Hourly RSI – The RSI is in the overbought levels, calling for a minor dip.
Major Support Level – $42.00
Major Resistance Level – $45.90
Charts courtesy – SimpleFX