Ethereum Price Technical Analysis – ETH/USD Could Accelerate Higher

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

ETH price found a strong support near $386 and recovered nicely against the US Dollar.
There is a short-term ascending channel forming with support at $412 on the hourly chart of ETH/USD (data feed via Kraken).
The pair may continue to move higher and it could even test the $433 high in the near term.

Ethereum price is trading nicely against the US Dollar and Bitcoin. ETH/USD is now well above $400 and is eyeing more gains towards the $430 level.

Ethereum Price Support

There was a major downside reaction yesterday below the $400 level in ETH price against the US Dollar. The price traded towards the $385 level and formed a low near $386. There was a solid buying interest noted around the $385-386 levels, resulting in an upside move. Buyers pushed the price higher and there was a break above the $400 resistance.

There was also a break above the 50% Fib retracement level of the last drop from the $433 high to $385 swing low. At the moment, the price is trading well above the $400 level and the 100 hourly simple moving average. More importantly, there is a short-term ascending channel forming with support at $412 on the hourly chart of ETH/USD. As long as the pair is following the channel and support at $410, there could be more gains towards $425 and $430.

On the other hand, if there is a downside break below $410, the price may retest the $400 support zone. The most important support now is around the $396 level and the 100 hourly SMA. The overall price structure is positive as long as the price is above $396. On the upside, a break above $430 is required for a bullish acceleration.

Hourly MACD – The MACD is placed in the bullish zone.

Hourly RSI – The RSI is now well above the 50 level with positive signs.

Major Support Level – $400

Major Resistance Level – $430

Charts courtesy – Trading View

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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