Analysis Technical

Ethereum Price Analysis: ETH/USD Turned Bullish Above 100 SMA

Aayush Jindal | November 2, 2018 | 6:28 am
sleepwalking, technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Turned Bullish Above 100 SMA

Aayush Jindal | November 2, 2018 | 6:28 am

Key Highlights

  • ETH price traded further higher and broke the $198 resistance against the US Dollar.
  • This week’s followed important bearish trend line was breached with resistance at $197 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could dip a few points, but it is likely to find support near $196 and the 100 hourly SMA.

Ethereum price is slowly moving higher against the US Dollar and bitcoin. ETH/USD may perhaps recover further towards the $203 resistance in the near term.

Ethereum Price Analysis

After dipping towards the $191 level, ETH price recovered nicely against the US Dollar. The ETH/USD pair traded higher and broke the $195 and $196 resistance levels. Later, there was a short term correction, but the price stayed above the $195 support. The price formed a decent support base near $195 and later started an upward move. There was even a close above the $196 level and the 100 hourly simple moving average.

More importantly, this week’s followed key bearish trend line was breached with resistance at $197 on the hourly chart of ETH/USD. The pair traded as high as $200 and it is currently consolidating gains. An initial support is the 23.6% Fib retracement level of the last wave from the $191 low to $200 high. However, the most significant support is near the $197 level and the 100 hourly simple moving average. Below the 100 hourly SMA, the 50% Fib retracement level of the last wave from the $191 low to $200 high is the next support. On the upside, an initial resistance is near $199 and $200, above which the price could test $203.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is placed nicely above the $197 support and the 100 hourly SMA. However, it won’t be easy for buyers to clear the $203 resistance.

Hourly MACDThe MACD is now back in the bullish zone.

Hourly RSIThe RSI is currently well above the 50 level.

Major Support Level – $197

Major Resistance Level – $203

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.