Ethereum Price Technical Analysis ETH USD

Ethereum Price Technical Analysis – ETH/USD Testing Key Support

Avatar Aayush Jindal 2 years ago

Key Highlights

  • ETH price is correcting lower and is currently trading near a major support at $326 against the US Dollar.
  • Yesterday’s highlighted major bullish trend line with current support at $326 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price should hold the trend line support near $326 to remain in the bullish zone.

Ethereum price is correcting lower against the US Dollar and Bitcoin. ETH/USD has to maintain bid tone above $326 to gain upside momentum.

Ethereum Price Support

There was a new minor high formed at $337.29 in ETH price against the US Dollar. Later, the price started correcting lower and moved below $335. There was a break below the 23.6% Fib retracement level of the last leg up from the $314.44 low to $337.29 high. The downside correction was decent since the price even broke the $326 level once before recovering.

It tested the 61.8% Fib retracement level of the last leg up from the $314.44 low to $337.29 high. The $323 level held the downside move along with yesterday’s highlighted major bullish trend line with current support at $326 on the hourly chart of ETH/USD. The highlighted trend line support could play an important role near $326 in the short term. Therefore, the pair has to remain above $326 and $323 to avoid further declines.

Ethereum Price Technical Analysis ETH USD

On the upside, the $335 level is an initial resistance followed by the recent high at $337.29. A close above $337.29 could open the doors for more gains may be toward $360 in the near term. The 100 hourly simple moving average is currently positioned at $318 and is showing positive signs. If the price continues to stay above the $323 level, there is a chance of it gaining momentum.

Hourly MACD – The MACD has reduced most of its bullish slope.

Hourly RSI – The RSI has just moved below the 50 level.

Major Support Level – $323

Major Resistance Level – $337

 

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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