Analysis Technical

Ethereum Price Analysis – ETH/USD Gains Traction

Aayush Jindal | February 27, 2018 | 5:00 am
Ethereum Price Technical Analysis ETH USD
Analysis

Ethereum Price Analysis – ETH/USD Gains Traction

Aayush Jindal | February 27, 2018 | 5:00 am

Key Highlights

  • ETH price was able to move higher and it recently traded above $845 against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $837 on the hourly chart (data feed via SimpleFX).
  • The pair traded as high as $869 and it is currently correcting lower towards the $850 support.

Ethereum price is back in action against the US Dollar and Bitcoin. ETH/USD must stay above the $845-850 support to move further higher in the near term.

Ethereum Price Support

Yesterday, I mentioned that there could be more gains above $840 in in ETH price against the US Dollar. The price did make an upside move and it was able to trade above the $840 and $845 resistance levels. There was also a break above a major bearish trend line with resistance at $837 on the hourly chart. It cleared the path for more gains and the price settled above $850 and the 100 hourly simple moving average.

A high was formed at $869 from where the price started a downside correction. It is currently just below the 23.6% Fib retracement level of the last leg from the $86 low to $869 high. On the downside, there is a major support above the $840 level. There is also a bullish trend line forming with support around $845. Moreover, the 50% Fib retracement level of the last leg from the $86 low to $869 high is near $840. Below $840, the 100 hourly SMA is positioned. Furthermore, there is another bullish trend line forming with support at $828.

Ethereum Price Technical Analysis ETH USD

Therefore, there are many supports on the downside starting with $845 and up to $828. On the upside, the recent high near $869 is a short-term resistance, followed by the $900 level.

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

Hourly RSI – The RSI is moving lower towards the 50 level.

Major Support Level – $840

Major Resistance Level – $870

 

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.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

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