Altcoins Analysis

Ethereum Price Technical Analysis – ETH/USD Eyeing Upsides

Aayush Jindal | November 13, 2017 | 6:30 am
Ethereum Price Technical Analysis ETH USD
Altcoins

Ethereum Price Technical Analysis – ETH/USD Eyeing Upsides

Aayush Jindal | November 13, 2017 | 6:30 am

Key Highlights

  • ETH price is slowly moving higher and recently broke the $312 resistance against the US Dollar.
  • There is a major bullish trend line forming with support at $308 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is about to dip or correct lower, but remains supported above the $305 level.

Ethereum price is slowly gaining pace against the US Dollar and Bitcoin. ETH/USD is now well above $305 and looking to extend gains.

Ethereum Price Trend

There was a decent upside move in ETH price from $297 against the US Dollar. The price gained pace and moved above the $307 level and the 100 hourly simple moving average. The current wave is positive above the 50% Fib retracement level of the last decline from the $326 high to $288 low. At present, the price is attempting a close above a bearish trend line with resistance at $313.

If buyers succeed in gaining momentum above $315, there can be more upsides above $320. On the downside, there is a major bullish trend line forming with support at $308 on the hourly chart of ETH/USD. An initial support is around the 23.6% Fib retracement level of the last wave from the $301.45 low to $316.30 high. However, the most important support is near $305-307 and the 50% Fib retracement level of the last wave from the $301.45 low to $316.30 high.

Ethereum Price Technical Analysis ETH USD

The current price action is positive above $305, but buyers need to push the price above $320. If they fail, there is a chance of a downside reaction back towards $300. On the upside, if there is a break above $320, the price could test the $326-328 area. Any further gains depend on whether ETH/USD can move above $330 or not.

Hourly MACD – The MACD is slowly moving in the bullish slope.

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

Major Support Level – $307

Major Resistance Level – $320

 

Charts courtesy – SimpleFX

Tags: , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.