Key Highlights
- ETH price after a minor dip towards $14.80 against the US Dollar found support and recovered.
- A major connecting bullish trend line at $14.80 (highlighted in yesterday’s post) on the hourly chart of ETH/USD (data feed via SimpleFX) acted as a support.
- It was a perfect buy dips scenario, and the price may now look to extend gains towards $15.80.
Ethereum price after a minor correction against the US Dollar recovered, and now ETH/USD is looking to challenge the $15.80 resistance.
Ethereum Price Resistance
In yesterday’s post we saw how buying dips near $15.00 remained a good idea in ETH price against the US Dollar. The price did move down to trade near the 38.2% Fib retracement level of the last wave from the $14.30 low to $15.80 high where it found support. More importantly, the price found support around $14.80. There was a connecting bullish trend line at $14.80 on the hourly chart of ETH/USD (data feed via SimpleFX), which acted as a support.
Currently, it looks like the price is struggling to clear the $15.80 resistance. There was another rejection, pushing the pair back below the 23.6% Fib retracement level of the last wave from the $14.64 low to $15.83 high. However, the price is finding bids near the 38.2% Fib retracement level of the last wave from the $14.64 low to $15.83 high at $15.35. I think that there is a chance of a minor dip towards $15.20 before the price attempts another upside move.
On the downside, the trend line support is now at $15.05. As long as the price stays above it, there can be another upside run. A break below it could take the price towards $14.50.
Hourly MACD – The MACD is reducing the bullish zone, as a part of a correction.
Hourly RSI – The RSI is now back above the 50 level, but there is less momentum.
Major Support Level – $15.05
Major Resistance Level – $15.80
Charts courtesy – SimpleFX
