Analysis Technical

Ethereum Price Analysis: ETH/USD Consolidating Below $370

Aayush Jindal | August 10, 2018 | 6:00 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Consolidating Below $370

Aayush Jindal | August 10, 2018 | 6:00 am

Key Highlights

  • ETH price started a minor upside correction and traded above the $362 level against the US Dollar.
  • There is a key contracting triangle forming with support near $356 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair has to stay above the $356 and $352 support levels to move past $368 and $370 resistances.

Ethereum price started a consolidation against the US Dollar and bitcoin. ETH/USD must break the $370 resistance to test the next hurdle at $379.

Ethereum Price Resistances

After trading as low as $347.72, ETH price started a minor upside move against the US Dollar. The ETH/USD pair moved a few points above the $355 level and also cleared the $362 resistance. There was also a break above the 23.6% Fib retracement level of the last key drop from the $410 high to $348 swing low. However, the upside move faced sellers near the $370-371 resistance zone.

The price moved down once again and is currently trading near the $360 level. On the downside, there is a decent support near the $355 level. More importantly, there is a key contracting triangle forming with support near $356 on the hourly chart of ETH/USD. As long as the price is above the channel support, it could make an attempt to move past the $368 and $370 resistance. Above $370-371, the price will most likely test the next hurdle near $379 and the 100 hourly simple moving average. It also represents the 50% Fib retracement level of the last key drop from the $410 high to $348 swing low.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is trading in a range between $352-370. It could make the next move either above $370 or below $352 in the near term. Below $352, the next major support is visible near the $342-343 zone.

Hourly MACD – The MACD is about to move back in the bearish zone.

Hourly RSI – The RSI is moving lower and is currently below 50.

Major Support Level – $352

Major Resistance Level – $370

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!

Google play logo

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