Ethereum Price Technical Analysis ETH

Ethereum Price Technical Analysis – ETH/USD Set For Next Move

Avatar Aayush Jindal 2 years ago

Key Highlights

  • ETH price looks like gaining bids for a move higher above the $50 handle against the US Dollar.
  • Yesterday’s highlighted contracting triangle pattern formed with resistance at $49.05 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
  • The price is now moving higher, and may soon break the $50 handle.

Ethereum price traded positively during the past few sessions versus the US Dollar and Bitcoin, and now ETH/USD is preparing for a move above $50.

Ethereum Price Support

There was almost no action yesterday in ETH price, but it remained above the $48.50 support against the US Dollar. Later, it found bids and started moving higher above $49.00. Actually, yesterday’s contracting triangle pattern formed with support at $48.20 on the hourly chart ETH/USD acted as a good buy zone. It produced a bounce and helped buyers in gaining traction above $48.80.

The price traded higher and broke the 50% Fib retracement level of the last decline from the $50.99 high to $47.10 low. The best part was a break above highlighted contracting triangle pattern at $49.05. It opened the doors for more gains, and the price broke $49.50. There was also a move above the 61.8% Fib retracement level of the last decline from the $50.99 high to $47.10 low.

Ethereum Price Technical Analysis ETH

Overall, the price is now trading well above the highlighted contracting triangle pattern. It is a positive sign, and may call for more upsides above $50.00. A break and close above $50 could be encouraging. However, the last swing high at $50.99 may still act as a resistance area. Only a break above it may call for a sustained move above $51 in the near term.

Hourly MACD – The MACD is currently moving into the bullish zone.

Hourly RSI – The RSI is well above the 50 level, and heading higher towards 65.

Major Support Level – $48.80

Major Resistance Level – $50.00

 

Charts courtesy – SimpleFX

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