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Home Technical analysis

Ethereum Price Analysis: ETH/USD Could Trade Higher

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2min read
technical analysis ethereum
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Key Highlights

  • ETH price found a strong buying interest near $570-572 and recovered nicely against the US Dollar.
  • There was a break above two key bearish trend lines with resistance near $588 and $591 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently trading positively above the $600 handle and the 100 hourly simple moving average.

Ethereum price is back in a positive zone against the US Dollar and Bitcoin. ETH/USD may continue to rise towards the $615 and $620 levels in the near term.

Ethereum Price Support

After a major downside correction below $600, ETH price found support around $570-572 against the US Dollar. The price formed a base, started an upside move and broke the $585 and $590 resistance levels. It also succeeded in clearing the $600 barrier and settled above the 100 hourly simple moving average. The current price action is positive since there was a close above the $600 resistance.

During the upside, there was a break above two key bearish trend lines with resistance near $588 and $591 on the hourly chart of ETH/USD. The pair later broke the 50% Fib retracement level of the last decline from the $635 high to $572 low to place itself in a bullish zone. At present, the price is consolidating gains around the $605 level. An initial resistance is near the 61.8% Fib retracement level of the last decline from the $635 high to $572 low at $611. Above this, the price will most likely surge above the $615 level and it may well test $620.

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Ethereum Price Analysis ETH USD

Looking at the chart, there are a few key supports on the downside near $596 and the 100 hourly SMA. Therefore, if the price corrects lower from the current levels, it may find support near $600 and $595.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is placed well above the 50 level.

Major Support Level – $595

Major Resistance Level – $615

Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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