Analysis Technical

Ethereum Price Analysis: ETH/USD Primed For More Gains

Aayush Jindal | November 6, 2018 | 8:28 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Primed For More Gains

Aayush Jindal | November 6, 2018 | 8:28 am

Key Highlights

  • ETH price tested the $205 support area and recovered later against the US Dollar.
  • There is a major breakout pattern formed with resistance at $209 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to break to the upside above the $209 and $210 resistance levels.

Ethereum price is holding key supports against the US Dollar and bitcoin. ETH/USD could resume its upside move once there is a break above $209-210.

Ethereum Price Analysis

Recently, ETH price started a downside correction after trading to the weekly high at $218.63 against the US Dollar. The ETH/USD pair declined and traded below the $215.00 and $210.00 support levels. There was even a spike below the 61.8% Fib retracement level of the last wave from the $200 swing low to $218 high. However, the price stayed above the $205.00 support and the 100 hourly simple moving average.

At the moment, the price is trading above the $208 level and it seems like it is preparing for more gains. More importantly, there is a major breakout pattern formed with resistance at $209 on the hourly chart of ETH/USD. The pair is likely to clear the triangle resistance and then $210 for a fresh upside move. In the mentioned case, the price may well trade higher towards the $215.00 or $218.00 level. On the other hand, if there is a downside break, the price could retest $205.00. Besides, the 76.4% Fib retracement level of the last wave from the $200 swing low to $218 high is a decent support at $204.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is placed nicely in an uptrend above $205. Therefore, there are high possibilities of a fresh bullish bias above the $210.00 and $215.00 levels in the near term.

Hourly MACDThe MACD is about to move back in the bullish zone.

Hourly RSIThe RSI is moving higher and it currently well above the 50 level.

Major Support Level – $205

Major Resistance Level – $210

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