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Home Technical analysis

Ethereum Price Technical Analysis – ETH/USD Holding 100 SMA

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

  • ETH price after a sharp correction towards $290.00 against the US Dollar found support and moved higher.
  • There was a break above a steep bearish trend line with resistance at $308 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently well above the 100 hourly simple moving average and the $308 support.

Ethereum price is again moving higher against the US Dollar, but struggling against Bitcoin. However, ETH/USD is holding 100 SMA and $308 at the moment.

Ethereum Price Recovery

There was a sharp decline from the $344 high in ETH price against the US Dollar. The price even traded below the $304-308 support area and broke the $300 handle. It traded as low as $290.34 where it found support and later started a recovery. There was an upside move above the 23.6% Fib retracement level of the last decline from the $344.46 high to $290.34 low. The price was also able to move back above the 100 hourly simple moving average and the $308 support.

Moreover, there was a break above a steep bearish trend line with resistance at $308 on the hourly chart of ETH/USD. It has opened the doors for more gains above $310 in the near term. On the upside, the main hurdle for buyers is near the 50% Fib retracement level of the last decline from the $344.46 high to $290.34 low at $317. A successful close above $317-318 could lift the market sentiment, taking ETH above the $325 level.

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Ethereum Price Technical Analysis ETH USD

On the downside, the $304 support zone might continue to act as a barrier along with the 100 hourly simple moving average. Buying dips towards $304 can be considered in the short term with a stop below $300.

Hourly MACD – The MACD is moving back in the bullish zone.

Hourly RSI – The RSI is currently above the 50 level and stable.

Major Support Level – $304

Major Resistance Level – $317

 

Charts courtesy – SimpleFX

Tags: Ethereum AnalysisEthereum 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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