Key Highlights
- ETH price corrected towards the $18.00 handle and later recovered against the US Dollar.
- There was a bearish trend line at $18.85 on the hourly chart of ETH/USD (data feed via SimpleFX), which was broken.
- If the pair breaks $19.30 once again, there is a chance of it gaining pace.
Ethereum price is currently recovering from the $18.05 low against the US Dollar, and ETH/USD is now looking to extend gains.
Ethereum Price to Gain Further?
There was a correction wave initiated in ETH price vs the US Dollar, as it moved down below $18.50. The price traded in a random fashion, resulting in a move towards $18.05 where it found support. The main reason was the hourly simple moving average at $18.05. There was also a bullish trend line around the same area, which protected further losses.
The price later started recovering, and moved above $18.80. During the upside, the price broke 23.6% Fib retracement level of the last drop from the $20.54 high to $18.05 low. Moreover, there was a break above a bearish trend line at $18.85 on the hourly chart of ETH/USD (data feed via SimpleFX). These all are positive signs. However, the price is currently struggling to break the 50% Fib retracement level of the last drop from the $20.54 high to $18.05 low at $19.29.
The price has to break the $19.30 resistance area in order to gain momentum, and trade higher. If it manages to break $19.30, the next stop could be near $19.59. It coincides with the 61.8% Fib retracement level of the last drop from the $20.54 high to $18.05 low. Overall, the price remains supported near $18.70, and might look to break $19.30.
Hourly MACD – The MACD is in the bullish zone, but with less momentum.
Hourly RSI – The RSI is well above the 50 level, which is a positive sign.
Major Support Level – $18.70
Major Resistance Level – $19.30
Charts courtesy – SimpleFX
