- ETH price after trading as high as $50.99 against the US Dollar moved down, and found support at $47.10.
- There is a contracting triangle pattern formed with support at $48.10 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
- The price is also supported above the 100 hourly simple moving average at $48.55.
Ethereum price after a decline from $50.99 to $47.10 found support vs the US Dollar, and now ETH/USD is preparing for the next move.
Ethereum Price Support
Recently, we saw how there was a rise towards $51 in ETH price against the US Dollar. Later, it found resistance and moved down. It traded below the $49.00 level and even cleared $48.00. There was a downside move below the 61.8% Fib retracement level of the last wave from the $45.56 low to $50.99 high. The price traded as low as $47.10 where it found support. Later, there was an increase in buying interest around $47.20 and the price started a recovery.
It traded above the 23.6% Fib retracement level of the last decline from the $50.99 high to $47.10 low. The best thing is the fact that the price is finding support near the 100 hourly simple moving average at $48.55. It also moved above the 50% Fib retracement level of the last decline from the $50.99 high to $47.10 low level once. However, it failed near $50.07, and now trading in a range. There is a contracting triangle pattern formed with support at $48.10 formed on the hourly chart ETH/USD.
The same pattern may act as a catalyst for the next move either above $49.50 or below $$48.00. And, traders may look to trade with a break as per the mentioned levels.
Hourly MACD – The MACD is currently flat with no major bias.
Hourly RSI – The RSI is just above the 50 level, but with no momentum.
Major Support Level – $48.00
Major Resistance Level – $49.50
Charts courtesy – SimpleFX