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Home Cryptocurrency news

Ethereum Price Analysis – ETH Broke Major Resistance?

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

  • ETH price after trading in a range for some time against the US Dollar gained bids and traded higher.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to clear the way for gains.
  • The price is now also above the 100 hourly simple moving average, which is a positive sign.

Ethereum price managed to gain traction against the US Dollar, and if the recent break is true in ETH/USD, there can be more upsides.

Ethereum Price Break

There were ranging moves in ETH price against the US Dollar yesterday before there was an upside move. The ETH/USD pair managed to gain strength and traded higher. During the upside move, the pair managed to break a couple of important hurdles. The most crucial one was yesterdays’ highlighted monster bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD.

The pair also managed to settle above the 100 hourly simple moving average, which encouraged the buyers to take the price higher. Moreover, it also managed to clear the 50% Fib retracement level of the decline from the $10.44 high to $9.44 low. So, all in all there was a nice upside move, which may ignite more gains in the short term. The price is currently correcting lower, but may find support on the downside.

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Ethereum Price Technical Analysis

The 100 hourly simple moving average might act as a support along with the broken trend line. Moreover, the 38.2% Fib retracement level of the recent wave from the $9.44 low to $10.17 high might also act as a support zone. One may even consider buying dips around it with a tight stop.

Hourly MACD – The MACD is now in the bullish zone.

Hourly RSI – The RSI is correcting lower towards the 50 level, and may find support around the neutral level.

Major Support Level – $9.80

Major Resistance Level – $10.15

 

Charts courtesy – SimpleFX

Tags: Ethereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdOnlinepricetrading
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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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