Ethereum Price Technical Analysis – Can ETH/USD Hold $1300?

Aayush Jindal

7 years ago

2 mins read

Ethereum Price Technical Analysis ETH USD

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Key Highlights

ETH price started a downside correction from the $1415 swing high against the US Dollar.
There was a break above a key bearish trend line with resistance at $1310 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair has to stay above the $1290-1300 levels to stay in the bullish zone for an upside move.

Ethereum price is still in the bullish zone against the US Dollar and Bitcoin. ETH/USD could continue to move higher back towards the $1360 level.

Ethereum Price Support

There was a decent movement in ETH price above the $1300 level against the US Dollar. The price started a minor downside correction after trading as high as $1415. It traded lower and moved below the $1360 and $1300 support levels. However, the downside move was protected by the $1260 level and the 100 hourly simple moving average. Later, the price started moving higher and was able to move back above the $1300 level.

There was a break above the 38.2% Fib retracement level of the last decline from the $1415 high to $1260 low. Moreover, there was a break above a key bearish trend line with resistance at $1310 on the hourly chart of ETH/USD. The pair is now trading nicely above the $1300 level and the 100 hourly simple moving average. On the downside, there is a bullish trend line with support at $1298. As long as the price is above the $1298 level and the 100 hourly simple moving average, it remains in an uptrend.

On the upside, the price has to close above the 61.8% Fib retracement level of the last decline from the $1415 high to $1260 low at $1350. The overall bias is positive above the $1298-1300 levels.

Hourly MACD – The MACD is slowly moving back in the bullish zone.

Hourly RSI – The RSI is currently just below the 50 level.

Major Support Level – $1300

Major Resistance Level – $1350

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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