Altcoins Analysis Technical

Ethereum Price Technical Analysis – ETH/USD Remains Supported

Aayush Jindal | January 26, 2018 | 5:00 am
Ethereum Price Technical Analysis ETH USD
Altcoins

Ethereum Price Technical Analysis – ETH/USD Remains Supported

Aayush Jindal | January 26, 2018 | 5:00 am

Key Highlights

  • ETH price is slowly recovering and is currently trading above the $1050 level against the US Dollar.
  • There is a bullish trend line forming with current support at $1040 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair may slowly move higher towards the last swing high of $1089 and the $1110 resistance area.

Ethereum price is in a bullish trend against the US Dollar and Bitcoin. ETH/USD’s dips remains supported on the downside at $1040 and $1020.

Ethereum Price Support

There was a decent rise in ETH price above the $1050 level against the US Dollar. The price traded as high as $1089 from where a downside correction was initiated. It broke the 23.6% Fib retracement level of the last wave from the $947 low to $1089 high. There was even a break below the $1050 support area, but the downside move found support at $1010.

The 50% Fib retracement level of the last wave from the $947 low to $1089 high acted as a major support. Moreover, there is a bullish trend line forming with current support at $1040 on the hourly chart of ETH/USD. The pair also stayed above the $1000 support and the 100 hourly simple moving average. It recovered later and is currently trading above the $1050 level. As long as the trend line support at $1040 is intact, the price may continue to rise in the near term.

Ethereum Price Technical Analysis ETH USD

A downside break below $1040 could push the price towards the 76.4% Fib retracement level of the last wave from the $947 low to $1089 high. On the upside, the price will most likely retest the $1089 high. Above $1089, the price may even test the $1110 resistance.

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

Hourly RSI – The RSI is currently just above the 50 level with no bearish sign.

Major Support Level – $1040

Major Resistance Level – $1090

 

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.