Ethereum Price Technical Analysis – ETH/USD to Rise Short-term

Aayush Jindal

1 year ago

2 mins read

Ethereum Price Technical Analysis ETH USD

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Key Highlights

ETH price is slowly moving higher and is currently trading above $830 against the US Dollar.
There is a major bullish trend line forming with support at $832 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair is likely to grind higher and it could even trade above the $860 resistance in the near term.

Ethereum price is slightly bullish against the US Dollar and Bitcoin. ETH/USD is eyeing further gains with supports on the downside at $832 and $825.

Ethereum Price Support

There was a fresh downside wave in ETH price from the $865 high against the US Dollar. The price traded lower and broke the $850 and $840 levels. It traded as low as $814 where buyers prevented further declines. An upside wave was initiated and the price was able to move above the 23.6% Fib retracement level of the last decline from the $865.19 high to $814.03 low.

On the downside, there is a major bullish trend line forming with support at $832 on the hourly chart of ETH/USD. The pair is likely to follow the trend line and move above $840. An immediate resistance is around the 50% Fib retracement level of the last decline from the $865.19 high to $814.03 low. However, the price is likely to move higher and it may soon break the $850 resistance, and settle above the 100 hourly simple moving average. The most important resistance on the upside is at $865. It is a pivot level for a move towards $890.

In the short term, the price is likely to move higher towards $865. Any further gains would depend on how sellers react when the price test the $865 level.

Hourly MACD – The MACD is currently showing a few bullish sign, but it is lacking upside momentum.

Hourly RSI – The RSI has just moved above the 50 level, which is a positive sign.

Major Support Level – $830

Major Resistance Level – $865

Charts courtesy – SimpleFX

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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