Altcoins Analysis

Ethereum Price Technical Analysis – ETH/USD Upside Break?

Aayush Jindal | July 31, 2017 | 6:00 am
Ethereum Price Technical Analysis ETH USD
Altcoins

Ethereum Price Technical Analysis – ETH/USD Upside Break?

Aayush Jindal | July 31, 2017 | 6:00 am

Key Highlights

  • ETH price gained bids recently and moved above the $192.00 resistance against the US Dollar.
  • There was a break above a bearish trend line at $188 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is currently struggling to move above the 100 hourly simple moving average and the $196 resistance.

Ethereum price recently recovered a few points against the US Dollar and Bitcoin, and now ETH/USD has to move above $196-200 for more gains.

Ethereum Price Upside Hurdle

There was a recovery wave started from the $176 level in ETH price against the US Dollar. The price managed to move above the $172 resistance and the 23.6% Fib retracement level of the last decline from the $218 high to $176 low. There was even an upside break above the $192-200 resistance. The price traded above the 100 hourly simple moving average and as high as $209. There was even a break above a bearish trend line at $188 on the hourly chart of ETH/USD

Later, buyers lost momentum and the price moved back below $200 and the 100 hourly simple moving average. The price traded below the 23.6% Fib retracement level of the last wave from the $176 low to $209 high. However, the downside move was protected by the $192-190 support. The 50% Fib retracement level of the last wave from the $176 low to $209 high also stopped the downside move. The price is currently attempting a bounce back, but struggling to clear the 100 hourly simple moving average and $200.

Ethereum Price Technical Analysis ETH USD

A close above $200 is needed for more gains in the near term. On the upside, the next upside target above $209 is $218.

Hourly MACD – The MACD is reducing its bullish slope.

Hourly RSI – The RSI is currently attempting to move above the 50 level.

Major Support Level – $192

Major Resistance Level – $200

 

Charts courtesy – SimpleFX

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