Key Highlights
- ETH price after finding strong bids near $47.50 against the US Dollar started a recovery.
- Yesterday’s highlighted bearish trend line with resistance at $49.80 was broken on the hourly chart (ETH/USD, data feed via SimpleFX).
- On the upside, the price is now approaching the last swing high of $53.70.
Ethereum price found support at $47.50 against the US Dollar, and now ETH/USD is back with action and likely to retest the last high near $53.70.
Ethereum Price Upside Surge
We saw a decline in ETH price towards the $47.50 level yesterday against the US Dollar. The price was likely to extend the decline, but somehow the $47.50 acted as a strong support. It also represented the 50% Fib retracement level of the last wave from the $42.10 low to $53.69 high. There were 2-3 failures to break the stated support, but sellers failed to break $47.00. As a result, the price bounced and managed to move back above the $48.50 resistance.
The most important move was above yesterday’s highlighted bearish trend line with resistance at $49.80 on the hourly chart (ETH/USD, data feed via SimpleFX). Later, the price crawled above the 50% Fib retracement level of the last decline from the $53.70 high to $47.51 low. The price was able to move past $51.00, which is a positive sign. It also broke the 61.8% Fib retracement level of the last decline from the $53.70 high to $47.51 low.
So, there are many positive signs for more gains towards $53. If the current momentum stays intact, the price could even break the last high of $53.70. On the downside, the 100 hourly simple moving average at $49.80 might act as a support if the price moves down.
Hourly MACD – The MACD managed to move back in the bullish zone.
Hourly RSI – The RSI is now reaching the overbought levels.
Major Support Level – $49.80
Major Resistance Level – $53.70
Charts courtesy – SimpleFX