Ethereum Price Technical Analysis ETH USD

Ethereum Price Technical Analysis – ETH/USD Signaling Gains

Avatar Aayush Jindal 2 years ago

Key Highlights

  • ETH price recovered sharply after bitcoin hard fork was called off and moved above $302 against the US Dollar.
  • There is a major bullish trend line forming with current support at $304.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might continue to move higher as long as it stays above $302 and $300.

Ethereum price recovered sharply against the US Dollar and Bitcoin. ETH/USD gained pace above $300 after bitcoin hard fork was called off.

Ethereum Price Support

It was an interesting day as ETH price surged above $300 against the US Dollar. The price gained pace after bitcoin hard fork was called off. Buyers stepped up the momentum and took the price above $305 and the $310 level. A high was formed at $317.71 from where the price started a correction. It moved down and traded below the 23.6% Fib retracement level of the last wave from the $286.03 low to $317.71 high.

The downside move was limited by the $305 level, which was a resistance earlier. Moreover, the 38.2% Fib retracement level of the last wave from the $286.03 low to $317.71 high also acted as a support. ETH is once again on the move and it is likely to move higher above $310 with a couple of corrections on the way down. On the downside, there is a major bullish trend line forming with current support at $304.50 on the hourly chart of ETH/USD.

Ethereum Price Technical Analysis ETH USD

The trend line support might play a key role in the near term above $302. As long as the price is above $302 and $300, there are chances of more gains. On the upside, a test of the $325 level is also possible in the near term.

Hourly MACD – The MACD is now strongly placed in the bullish zone.

Hourly RSI – The RSI is well above the 50 level.

Major Support Level – $302

Major Resistance Level – $325

 

Charts courtesy – SimpleFX

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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