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Home Technical analysis

Ethereum Price Technical Analysis – ETH Approaching Break

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis, Cryptocurrency news
Reading Time: 2min read
Ethereum Price Technical Analysis
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Key Highlights

  • ETH price remained above a major support area versus the US Dollar and currently positioning for a break.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is still in play and may provide us the next break.
  • On the downside, the $11.45-50 support holds the key and must prevent a downside move.

Ethereum price managed to stay in a positive zone against the US Dollar, and it looks like we can witness a break in ETH/USD moving ahead.

Ethereum Price Support

Ethereum price ETH yesterday managed to hold the ground versus the US Dollar, as the $11.45-50 support area prevented a downside. The stated support holds a lot of importance, and it looks like it won’t be easy for sellers to break it. However, on the flip side, there is a major resistance on the upside as well. Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is a crucial hurdle.

The price is stuck between a major support and a bearish trend line. The ETH bulls need to clear the trend line resistance along with the 23.6% Fib retracement level of the last drop from the $12.30 high to $11.44 low for more gains. If they succeed, then there is a high possibility of a break of the 100 hourly simple moving average.

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Ethereum Price Technical Analysis

In my view, as long as the price is above the $11.40 level, it may move back higher. The next resistance on the upside could be at 61.8% Fib retracement level of the last drop from the $12.30 high to $11.44 low. If at all, there is a break of $11.40, then a move towards $11.00 is possible.

Hourly MACD – The MACD is slightly in the bearish zone, but may move in the bullish zone soon.

Hourly RSI – The RSI is just around the 50 level, and waiting for buyers to gain control.

Major Support Level – $11.45

Major Resistance Level – $11.65

 

Charts courtesy – SimpleFX

Tags: Ethereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum 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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