- ETH price remained in a tight range against the US Dollar with resistance near $43.
- Yesterday’s highlighted contracting triangle pattern is still intact with support near $41 on the hourly chart (ETH/USD, data feed via SimpleFX).
- The price is currently above the 100 hourly simple moving average at $41.10, which is a positive sign.
Ethereum price is about to move in one direction against the US Dollar, as the ETH/USD pair is soon approaching a break with resistance around $43.
Ethereum Price Upside Hurdle
There was no major move above $44 in ETH price against the US Dollar. The price mostly seen trading in a tight range with support at $41 and current resistance is at $43. The price seems to be preparing for the next move either above $43 or below $40. Yesterday’s failure to break the 38.2% Fib retracement level of the last wave from the $30.36 low to $45.03 high was crucial.
The price has not retested the $40 support once again, and remains above the 100 hourly simple moving average at $41.10. Moreover, the highlighted contracting triangle pattern in yesterday’s post with support near $41 on the hourly chart (ETH/USD, data feed via SimpleFX) is still valid. It is contracting and about to reach a break zone. The current resistance is at $42.50-43 and support is just above $41.
A downside break could be tough below $40. But, if there is a break down, then the 50% Fib retracement level of the last wave from the $30.36 low to $45.03 high might be tested. On the upside, a move above $43 may call for a retest of $45.03. There is connecting bearish trend line as well, which may play a major role near $43.65.
Hourly MACD – The MACD is almost flat with no bias.
Hourly RSI – The RSI is struggling to move back above the 50 level.
Major Support Level – $41.00
Major Resistance Level – $43.00
Charts courtesy – SimpleFX