Analysis Technical

Ethereum Price Technical Analysis – ETH/USD Gaining Momentum

Aayush Jindal | May 8, 2018 | 5:00 am
Ethereum Price Technical Analysis ETH USD
Analysis

Ethereum Price Technical Analysis – ETH/USD Gaining Momentum

Aayush Jindal | May 8, 2018 | 5:00 am

Key Highlights

  • ETH price found buyers near the $695 level and started recovering against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $761 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is gaining momentum and is currently trading nicely above the $760 level.

Ethereum price is showing positive signs against the US Dollar and Bitcoin. ETH/USD may continue to move higher towards $800 in the near term.

Ethereum Price Trend

Yesterday, we saw a downside correction in ETH price below the $800 level against the US Dollar. The price declined and broke the $760 and $720 support levels. It even broke the 61.8% Fib retracement level of the last wave from the $665 swing low to $833 high. The downside move stopped near the $695 level where buyers appeared.

Later, an upside wave was initiated and the price moved above the $720 level. Buyers pushed the price above the 23.6% Fib retracement level of the last slide from the $829 high to $694 low. More importantly, there was a break above a major bearish trend line with resistance at $761 on the hourly chart of ETH/USD. The pair also succeeded in breaking the $765 resistance and the 100 hourly simple moving average. At the moment, it is trading near the 61.8% Fib retracement level of the last slide from the $829 high to $694 low. A break above the $777 level is needed for more gains in ETH in the near term.

Ethereum Price Technical Analysis ETH USD

Looking at the chart, the price is showing positive signs above $760. There can be a minor downside correction, but the $760 support and the 100 hourly SMA may prevent declines. Any further losses below $760 could push the price back towards $740. On the upside, a break above $777 would call for a test of $800.

Hourly MACD – The MACD has moved back in the bullish zone.

Hourly RSI – The RSI is now well above the 50 level.

Major Support Level – $760

Major Resistance Level – $777

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!