Analysis Technical

Ethereum Price Technical Analysis – ETH/USD Breaks Key Resistance

Aayush Jindal | April 20, 2018 | 5:00 am
Ethereum Price Technical Analysis ETH USD
Analysis

Ethereum Price Technical Analysis – ETH/USD Breaks Key Resistance

Aayush Jindal | April 20, 2018 | 5:00 am

Key Highlights

  • ETH price surged higher and broke a major resistance at $535-540 against the US Dollar.
  • There is a major bullish trend line forming with support at $560 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair traded above the $588 level and it seems like it may continue to move higher.

Ethereum price accelerated gains against the US Dollar and Bitcoin. ETH/USD traded above the $580 level and it could even break surpass the $600 level.

Ethereum Price Support

The past few sessions were very positive as ETH price broke the $535 and $540 resistance levels against the US Dollar. The price extended gains above the $560 level and traded towards the $600 level. A high was formed recently at $589.08 before the price started a downside correction. It is currently trading near the 23.6% Fib retracement level of the last wave from the $506 low to $589 high.

However, there are many supports on the downside above the $560 level. There is also a major bullish trend line forming with support at $560 on the hourly chart of ETH/USD. The same trend line support is close to the 38.2% Fib retracement level of the last wave from the $506 low to $589 high. Therefore, if the price corrects lower from the current levels, the $560 level will most likely prevent declines. Below $560, the next major support is at $547, which is the 50% Fib level of the same wave.

Ethereum Price Technical Analysis ETH USD

Looking at the chart, the price is placed nicely in a bullish trend above $560. It may resume its uptrend soon and it could even break the recent high at $589. A successful break above the $589-590 resistance might open the doors for a push towards or above the $600 level.

Hourly MACD – The MACD is slightly reducing its bullish slope.

Hourly RSI – The RSI is currently correcting lower from the 80 level towards 60.

Major Support Level – $560

Major Resistance Level – $589

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!