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Key Highlights
- ETH price mostly traded in a range against the US Dollar, and remained below the $53.75 resistance.
- There is a tiny bearish trend line formed with resistance at $51.10 on the 4-hours chart of ETH/USD pair (data feed via SimpleFX).
- On the downside, the $47.40 level can be considered as a major support area.
Ethereum price remained in a range with support near $47 against the US dollar, and currently ETH/USD is attempting a break.
Ethereum Price Resistance
There were mostly swing moves up and down in ETH price against the US Dollar and Bitcoin. Initially, there were declines in ETH/USD and ETH/BTC, but later the pairs managed to recover. It looks like the ETH/USD pair is mostly trading in a range with a major resistance near $53.70. Recently, the pair moved down, and traded near the range support above $47. The price almost broke it, but later managed to find bids for an upside move. The price is currently above $49.80, and facing offers.
On the upside, there is a tiny bearish trend line formed with resistance at $51.10 on the 4-hours chart of ETH/USD pair (data feed via SimpleFX). The price is currently struggling to break it. A break above it may call for a move towards the range high at $53.70. However, a push above the trend line resistance at $51.10 might not be easy.
On the downside, the range support is near $47.50-47.30. It acted as a support on many occasions and prevented a move towards $45. The same range support area also represents the 38.2% Fib retracement level of the last wave from the $38.22 low to $53.70 high. If the price moves down, it could find bids above $47.
4-hours MACD – The MACD is currently flat with major signal.
4-hours RSI – The RSI is attempting to settle above the 50 level, which is a positive sign.
Major Support Level – $47.00
Major Resistance Level – $54.00
Charts courtesy – SimpleFX
