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Ethereum Price Technical Analysis

Ethereum Price Technical Analysis – Positive Signs for ETH/USD

Aayush Jindal by Aayush Jindal
6 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 2 mins read
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Key Highlights

  • ETH price moved higher recently against the US Dollar, and traded close to the $10.55 level.
  • Yesterday’s highlighted bearish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) was broken at $10.25-10.30 for an upside move.
  • The price is now back lower, but may find support near $10.30-10.25.

Ethereum price managed to move above the $10.30 resistance against the US Dollar, which is a positive sign for the ETH/USD buyers in the near term.

Ethereum Price Resistance

Yesterday, we saw how ETH price was struggling to clear the $10.25-10.30 resistance against the US Dollar. Later, the price gained strength and somehow managed to break the $10.30 resistance. The upside was so strong that the price also cleared the 50% Fib retracement level of the last decline from the $10.47 high to $10.20 low. Moreover, the price also settled above the 100 hourly simple moving average at $10.28, opening the doors for more gains.

Lastly, the price also moved past yesterday’s highlighted bearish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) at $10.25. So, there was a good bullish wave towards the $10.55 level where sellers appeared. The price once again started trading lower and moved below $10.40. There was also a break below the 38.2% Fib retracement level of the last wave from the $10.20 low to $10.52 high.

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Ethereum Price Technical Analysis

However, the last resistance at $10.25-10.30 may now act as a support. It also coincides with the 76.4% Fib retracement level of the last wave from the $10.20 low to $10.52 high. Overall, the price is back down, but might gain bids near $10.25-10.30 in the short term.

Hourly MACD – The MACD is in the bullish slope, but slowly the momentum is fading and changing.

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Hourly RSI – The RSI is heading towards the 50 level where it may find support.

Major Support Level – $10.30

Major Resistance Level – $10.50

 

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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