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Home Technical analysis

Ethereum Price Technical Analysis – ETH/USD Buy Dips?

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

  • ETH price is slowly trading higher against the US Dollar, but the momentum is very less.
  • There was a short-term bearish line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken recently.
  • The price also closed above the 100 hourly simple moving average, which is a positive sign.

Ethereum price is currently gaining bids and attempting a move higher. It looks like the ETH/USD pair remains a good buy on the downside.

Ethereum Price Support

ETH price recently found support near $7.90 against the US Dollar on many occasions before starting an upside move. During the upside move, there was a break above a couple of important resistance levels. First, the price closed above the 23.6% Fib retracement level of the last decline from the $8.66 high to $7.87 low. Second, there was a break above a short-term bearish line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.

Third, the price closed above the 100 hourly simple moving average. All these are positive signs and suggest that there is a chance of ETH/USD gaining momentum in the near term. It is also important to note that the pair recently failed near the 50% Fib retracement level of the last wave from the $7.06 low to $8.68 high. There were more than two attempts to break the stated level, but sellers failed.

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Ethereum Price Technical Analysis

As a result, there was an upside move, taking the price above a couple of crucial hurdles. However, the pair needs to gain momentum, else there can be another dip. In my view buying dips as long as the price is above $7.90 may be considered in the short term.

Hourly MACD – The MACD is currently in the bullish slope.

Hourly RSI – The RSI bounced from the 50 level, and heading north.

Major Support Level – $7.90

Major Resistance Level – $8.60

 

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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