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Key Highlights
- ETH price is slowly recovering and is currently trading above the $1050 level against the US Dollar.
- There is a bullish trend line forming with current support at $1040 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair may slowly move higher towards the last swing high of $1089 and the $1110 resistance area.
Ethereum price is in a bullish trend against the US Dollar and Bitcoin. ETH/USD’s dips remains supported on the downside at $1040 and $1020.
Ethereum Price Support
There was a decent rise in ETH price above the $1050 level against the US Dollar. The price traded as high as $1089 from where a downside correction was initiated. It broke the 23.6% Fib retracement level of the last wave from the $947 low to $1089 high. There was even a break below the $1050 support area, but the downside move found support at $1010.
The 50% Fib retracement level of the last wave from the $947 low to $1089 high acted as a major support. Moreover, there is a bullish trend line forming with current support at $1040 on the hourly chart of ETH/USD. The pair also stayed above the $1000 support and the 100 hourly simple moving average. It recovered later and is currently trading above the $1050 level. As long as the trend line support at $1040 is intact, the price may continue to rise in the near term.
A downside break below $1040 could push the price towards the 76.4% Fib retracement level of the last wave from the $947 low to $1089 high. On the upside, the price will most likely retest the $1089 high. Above $1089, the price may even test the $1110 resistance.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is currently just above the 50 level with no bearish sign.
Major Support Level – $1040
Major Resistance Level – $1090
Charts courtesy – SimpleFX
