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Ethereum Price Technical Analysis ETH USD
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Ethereum Price Technical Analysis – ETH/USD Consolidating Losses

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

Key Highlights

  • ETH price is currently correcting higher and it is trading near the $600 level against the US Dollar.
  • There is a key bearish trend line forming with resistance at $620 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair has to move above the $620 and $635 resistances to gain upside momentum in the near term.

Ethereum price remains in a bearish zone against the US Dollar and Bitcoin. ETH/USD could recover, but it may struggle to break the $635 resistance.

Ethereum Price Resistance

After a crucial decline yesterday, there was a correction initiated from the $570 swing low in ETH price against the US Dollar. The price started an upside correction and moved above the $600 level. There was also a break above the 23.6% Fib retracement level of the last downside move from the $702 high to $570 low. However, the upside move was capped by a major resistance near the $620 level.

The mentioned $620 level was a tiny support earlier, and now it acted as a resistance. Moreover, the 38.2% Fib retracement level of the last downside move from the $702 high to $570 low also acted as a major resistance. At the moment, the price is moving lower and hovering near the $600 level. To the topside, there is a key bearish trend line forming with resistance at $620 on the hourly chart of ETH/USD. The bearish trend line is close to the 50% Fib retracement level of the last downside move from the $702 high to $570 low.

Ethereum Price Technical Analysis ETH USD

Therefore, there are two key hurdles for buyers – $620 and $635. A close above $635 may push the price further higher. On the downside, the $570 level is a decent support followed by the $550 level.

Hourly MACD – The MACD is slightly into the bullish zone.

Hourly RSI – The RSI is currently just below the 50 level.

Major Support Level – $570

Major Resistance Level – $635

 

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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