technical analysis ethereum

Ethereum Price Analysis: ETH Holding Key Uptrend Support

Avatar Aayush Jindal 7 months ago

Key Highlights

  • ETH price traded further higher and traded as high as $107.81 before correcting lower against the US Dollar.
  • Yesterday’s highlighted key bullish trend line acted as a support at $98 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its upside move as long as it is holding the $97-98 support area.

Ethereum price remains well bid against the US Dollar and bitcoin. ETH/USD dipped recently, but it was well supported near the $98-100 zone.

Ethereum Price Analysis

Recently, there was a solid upward move above the $97-100 resistance zone in ETH price against the US Dollar. The ETH/USD pair traded above the $104 resistance and formed a new intraday high at $107.81. Later, it started a downside correction and traded below the $104 level. There was a break below the 23.6% Fib retracement level of the last wave from the $92 swing low to $108 swing high.

However, the decline was protected by the $97-98 zone, which was a support earlier. Moreover, yesterday’s highlighted key bullish trend line acted as a support at $98 on the hourly chart of ETH/USD. The 50% Fib retracement level of the last wave from the $92 swing low to $108 swing high also acted as a support. The price is currently trading nicely above the trend line and $97. If it continues to stay above $97, there could be more gains above the $103 and $104 resistance levels. Finally, a break above $107 may push the price towards $110 or $112.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is trading nicely in an uptrend above the trend line and $97. However, if there is a downside extension below $97, the price may perhaps correct further. The next major support is at $95 and the 100 hourly simple moving average.

Hourly MACDThe MACD is currently placed in the bearish zone.

Hourly RSIThe RSI just managed to move back above the 50 level.

Major Support Level – $97

Major Resistance Level – $107

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