Analysis Technical

Ethereum Price Analysis: ETH/USD Holding Key Support

Aayush Jindal | June 1, 2018 | 5:00 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Holding Key Support

Aayush Jindal | June 1, 2018 | 5:00 am

Key Highlights

  • ETH price is struggling to break the $585-587 resistance area against the US Dollar.
  • Yesterday’s highlighted major bullish trend line is intact with support at $565 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $565 support and the 100 hourly simple moving average to avoid a downside reaction.

Ethereum price is consolidating in a range against the US Dollar and Bitcoin. ETH/USD should not break the 100 hourly SMA to stay in a bullish zone.

Ethereum Price Support

There was a slight upside push above the $575 resistance in ETH price against the US Dollar. However, buyers failed to retain momentum above the $585 and $587 resistances levels. A short-term high was formed at $586.31 and later the price started a downside correction. It declined and moved below the $580 support level. Moreover, there was a push below the 23.6% Fib retracement level of the last wave from the $540 low to $586 high.

However, the decline was protected by the $570 support. More importantly, yesterday’s highlighted major bullish trend line is intact with support at $565 on the hourly chart of ETH/USD. The 38.2% Fib retracement level of the last wave from the $540 low to $586 high is also acting as a major support. Lastly, the 100 hourly simple moving average is also positioned near the $565 level. Therefore, the $565 support holds a lot of importance. A break below $565 may open the doors for a larger downside correction in the near term.

Ethereum Price Analysis ETH USD

Looking at the chart, the current price action is positive as long as ETH is above $565 and the 100 hourly SMA. On the upside, buyers must clear the $585-586 hurdle for more gains. Above $586, the price may retest the $600 handle.

Hourly MACD – The MACD is slightly place in the bearish zone.

Hourly RSI – The RSI is moving lower and is currently near the 50 level.

Major Support Level – $565

Major Resistance Level – $586

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 best UK casinos
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.