Ethereum Price Technical Analysis – ETH/USD to Break Higher?

Aayush Jindal

1 year ago

2 mins read

Ethereum Price Technical Analysis ETH USD

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Key Highlights

ETH price recently corrected lower and found support around the $800-810 area against the US Dollar.
The ETH/USD pair is currently attempting an upside break above a bearish trend line at $840 on the hourly chart (data feed via SimpleFX).
The pair may continue to trade high as long as it is above the $815 support.

Ethereum price is showing positive signs against the US Dollar and Bitcoin. ETH/USD may rise in the near term with resistances on the upside near $870 and $900.

Ethereum Price Upside Move

There was a failure to break the $870 resistance in ETH price against the US Dollar. The price started a downside correction and traded below $850. It also declined below the 23.6% Fib retracement level of the last wave from the $775 low to $870 high. More importantly, there was a break below the $840 support and the 100 hourly simple moving average.

However, the downside move was protected by the 800-810 support area. Moreover, the 76.4% Fib retracement level of the last wave from the $775 low to $870 high acted as a support and prevented declines. A fresh upside wave was initiated recently and the price moved above $820. It seems like the ETH/USD pair is currently attempting an upside break above a bearish trend line at $840 on the hourly chart. The pair may close above the $840 resistance and it could attempt a run towards $870. However, a break above the $870 resistance won’t be easy in the near term.

On the downside, the $820 support is a decent buy zone. If the price fails to stay above the $820 support, it could retest the $800 handle. On the upside, a break above the $870 swing high may call for more upsides towards the $900 level.

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

Hourly RSI – The RSI is currently well above the 50 level.

Major Support Level – $820

Major Resistance Level – $870

Charts courtesy – SimpleFX

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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