- There a dip in ETH price recently, as it corrected towards the $77 level against the US Dollar.
- Yesterday’s highlighted two bullish trend lines with support at $83.00 on the hourly chart (ETH/USD, data feed via SimpleFX) were broken.
- The price after finding support around the $77 level started moving higher once again.
Ethereum price corrected a few points against the US Dollar, and now it looks like the ETH/USD pair is back up and may trade higher once again.
Ethereum Price Resistance Zone
In yesterday’s analysis, we saw a resistance band near $85 in ETH price against the US Dollar above $75. The price failed to break the $85-87 level, and started a downside move. During the downside move, it broke the 50% Fib retracement level of the last wave from the $76 low to $87.31 high. It opened the doors for more declines, and the price traded close to the last swing low at $76.90.
It also broke yesterday’s highlighted two bullish trend lines with support at $83.00 on the hourly chart of ETH/USD. However, the stated $77 support acted as a barrier and prevented further declines. The price is now back up, and already above the 38.2% Fib retracement level of the last decline from the $87.31 high to $76.90 low. It is a positive sign and means that price could retest $85.
At the moment, the 61.8% Fib retracement level of the last decline from the $87.31 high to $76.90 low at $83.40 is acting as a resistance. So, there is a chance of a dip back towards $80-81 before the price gains pace. On the upside, the $85-87 resistance zone remains a major hurdle for buyers.
Hourly MACD – The MACD is now in the neutral area.
Hourly RSI – The RSI is currently just above the 50 level.
Major Support Level – $82.00
Major Resistance Level – $87.00
Charts courtesy – SimpleFX