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Ethereum Price Technical Analysis ETH USD
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Ethereum Price Technical Analysis – Can ETH/USD Break 100 SMA?

Aayush Jindal by Aayush Jindal
6 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • ETH price is slowly moving higher and it is currently trading above the $520 support against the US Dollar.
  • Yesterday’s highlighted major bearish trend line with resistance at $535 was broken on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now facing a major resistance near $560 and the 100 hourly simple moving average.

Ethereum price is in a recovery mode against the US Dollar and Bitcoin. ETH/USD must breach the 100 hourly SMA to continue its upside momentum.

Ethereum Price Resistance

There was a decent upside move in ETH price from the $480 swing low against the US Dollar. The price traded higher and recovered above the $500 and $520 resistance levels. The best part was a close above the 50% Fib retracement level of the last drop from the $610 swing high to $454 low. It seems like the price is now trading in a positive zone above the $520 level.

During the upside move, yesterday’s highlighted major bearish trend line with resistance at $535 was broken on the hourly chart of ETH/USD. At the moment, the pair is struggling to break the $560 resistance and the 100 hourly simple moving average. Moreover, a close above the 61.8% Fib retracement level of the last drop from the $610 swing high to $454 low is needed for buyers to take control in the near term. Once the price succeeds in breaking the $560 resistance and the $570 barrier, it could easily move above the $600 level.

Ethereum Price Technical Analysis ETH USD

On the downside, there is a decent support forming near $520. Below $520, the $500 level is a short-term support. ETH price has to stay above the $500 level if it has to move higher above $560 in the near term.

Hourly MACD – The MACD is currently flat in the bullish zone.

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

Major Support Level – $520

Major Resistance Level – $560

 

Charts courtesy – Trading View

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. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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