Key Highlights
- ETH price after a correction towards $30 against the US Dollar recovered and moved higher.
- There is a nice bullish trend line formed with support at $47 on the daily chart of ETH/USD pair (data feed via SimpleFX).
- On the upside, the recent high of $53.75 might continue to act as a resistance in the near term.
Ethereum price after a dip against the US Dollar bounced back, and now ETH/USD is trading with a nice support area above $40.
Ethereum Price Support
In the last weekly analysis, we saw how ETH price was trading above a crucial support juncture against the US Dollar. The price corrected lower, and later managed to gain bids above the $30 handle. Finally, there was a wave completion, and the price was able to move back higher. It climbed above the $42 resistance, and then moved past $48. The best part was a close above the 61.8% Fib retracement level of the last drop from the $52 high to $32 low.
The price is currently trading around the $50 handle, and already tested the $54 resistance once. On the downside, there is a nice bullish trend line formed with support at $47 on the daily chart of ETH/USD pair (data feed via SimpleFX). Moreover, the 23.6% fib retracement level of the last wave from the $30.36 low to $53.75 high is also waiting on the downside. So, we can say there is a good support formation just around $47.
As long as the price is above $47, there is a chance of it closing back above $52. On the upside, the recent high of $53.75 should be breached in order for ETH price to move past $55.
Daily MACD – The MACD is well into the bullish zone, and extending gains.
Daily RSI – The RSI is moving down from the overbought levels.
Major Support Level – $47.00
Major Resistance Level – $54.00
Charts courtesy – SimpleFX
