Ethereum Price Technical Analysis 2017-10-16

Aayush Jindal

Last Updated: June 11, 2024 1:19 pm

2 mins read

Ethereum Price Technical Analysis ETH USD

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Key Highlights

ETH price is trading higher and is currently attempting a break above $346 against the US Dollar.
There is a new connecting bullish trend line forming with support at $336 on the hourly chart of ETH/USD (data feed via SimpleFX).
The price might attempt an upside break towards $352 in the near term.

Ethereum price is gaining strong bids against the US Dollar and Bitcoin. ETH/USD might soon break $346 for a move towards $352 or higher.

Ethereum Price Resistance

The past few days were pretty decent for ETH price since it moved above $330 against the US Dollar. The price recently attempted a break above $345-346, but failed. There were 2-3 attempts already, but buyers were not able to push the price above $346. They are once again attempting a break above $346 and it seems like they would succeed sooner or later.

On the downside, there is a new connecting bullish trend line forming with support at $336 on the hourly chart of ETH/USD. There is a chance of a minor dip in ETH towards the trend line support at $336-335 before a break. Once there is a break of $346, the pair could test $352. The mentioned $352 resistance is the 1.236 extension of the last decline from the $346.05 high to $317.51 low. Above $352, the next resistance could be $363. It is the 1.618 extension of the last decline from the $346.05 high to $317.51 low.

Overall, the market sentiment is super positive for ETH/USD above $330. There are strong chances of an upside break above $346 in the near term. Once there is a break, the price could spike higher by $10 or more. On the downside, the 100 hourly SMA at $326 is also a strong support.

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

Hourly RSI – The RSI has moved back above the 60 level.

Major Support Level – $330

Major Resistance Level – $346

Charts courtesy – SimpleFX

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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