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Home Technical analysis

Ethereum Price Technical Analysis – Shows Signs of Further Upsides

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

  • Ethereum price climbed higher against the US Dollar recently and even managed to close above the $9.00 level.
  • ETH/USD is currently trading near a bearish trend line formed on the hourly chart (data feed via Kraken), which may act as a catalyst for the next move.
  • Looking at the technical indicators, there is a chance of ETH gaining traction in the short term.

Ethereum price traded with a bullish bias recently. If we consider the current price action, then ETH/USD may move higher in the near term.

Ethereum Price – Trend Line Break and Buy?

Ethereum price ETH showed once again that it’s not out of woods yet. There was a minor upside reaction during the past couple of sessions, as ETH/USD traded as high as $10.00 where it found offers. The price moved back towards the $8.50 support area, and currently attempting to move higher once again.

However, ETH is currently facing a hurdle in the form of a bearish trend line on the hourly chart (data feed via Kraken). Moreover, the 50% Fib retracement level of the last drop from the $10.00 high to $8.50 low is also around the same trend line and resistance area. On the positive side, the price is above the 100 hourly simple moving average, calling for more gains.

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Ethereum Price Technical Analysis

It looks like there is a chance of a minor dip before the bulls attempts to break the highlighted trend line and resistance area. One may consider buying with a break and close above the trend line resistance area. A stop should be an hourly close below the 100 SMA, and target can be $10.20 or even $10.50.

Hourly MACD – The MACD is about to change the slope to the bullish area, signaling an upside move.

Hourly RSI – The RSI is above the 50 level, which is also a bullish sign for ETH buyers.

Intraday Support Level – $8.85

Intraday Resistance Level – $9.50

 

Charts courtesy of Kraken via Trading View

Tags: ethereumethereum newsethereum priceEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdtrading
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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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