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Key Highlights
- ETH price remained above the $53 support area against the US Dollar, and looking to extend gains.
- There is a new short-term bullish trend line with support at $53.10 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
- The price remains on the edge, and may soon either break above $53.60 or below $53.10.
Ethereum price is trading above the $53 support against the US Dollar, and ETH/USD must hold it if it has to move further higher.
Ethereum Price Trend Line Support
Yesterday, we saw how ETH price broke the $52.40 resistance against the US Dollar, and moved higher. The upside move remained supported intraday with swing moves towards $53.00. The price attempted a break above the 1.236 extension of the last decline from the $52.44 high to $46.12 low, but failed. It was seen struggling to clear the $53.66 resistance where sellers are putting up a fight. So, it looks like it won’t be easy for the bulls to break $53.60-70 for further gains.
On the downside, there is now a new short-term bullish trend line with support at $53.10 formed on the hourly chart of ETH/USD. It is acting as a major barrier and preventing declines below $53.00. So, we can say the price is stuck in a tiny range. Also, yesterday’s highlighted bullish trend line on the same chart at $51.80 is also active. I think there is a chance of the price testing the 38.2% Fib retracement level of the last wave from the $50.60 low to $53.66 high.
And, if there is a proper close below the trend line, the $52.40 support may be tested. It also coincides with the 61.8% Fib retracement level of the last wave from the $50.60 low to $53.66 high.
Hourly MACD – The MACD is slightly moving lower in the bullish zone.
Hourly RSI – The RSI is around the 51 level, and heading lower.
Major Support Level – $53.00
Major Resistance Level – $53.66
Charts courtesy – SimpleFX
