Ethereum Price Technical Analysis – ETH/USD Break Near? 2017-03-27

Aayush Jindal

Last Updated: March 27, 2017 6:00 am

2 mins read

Ethereum Price Technical Analysis ETH USD

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Key Highlights

ETH price remains supported near $49.50 against the US Dollar, and currently moving higher.
There is a nice bullish trend line with support at $50.05 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
On the upside, there is a connecting trend line with resistance at $51.

Ethereum price remains supported against the US Dollar above $49, and now ETH/USD looks for yet another break for the next move.

Ethereum Price Trend Line Support

It was a good session so far for ETH price, as it maintained bid tone above $50.10 against the US Dollar. The price traded higher from the $47.90 low and managed to move above the $50 handle. Earlier, there was a decline or we can say a correction was initiated from the $53.69 high. There was a 5-wave pattern (not a perfect one) with a break of the $50 handle. During the downside move, the price broke the 23.6% Fib retracement level of the last wave from the $42.15 low to $53.69 high.

It ignited further declines, and the price moved below $50. However, the 50% Fib retracement level of the last wave from the $42.15 low to $53.69 high acted as a support. It prevented further losses on two occasions near $47.90. The price finally moved higher and currently trading above the $50 handle. On the downside, there is a nice bullish trend line with support at $50.05 formed on the hourly chart (ETH/USD, data feed via SimpleFX). Similarly, on the upside, there is a resistance in the form of a connecting trend line $51.

So, we can say that the price is above $50 support and below $51 resistance. It might soon approach a break with chances of a move towards $53 in the short term.

Hourly MACD – The MACD is again moving slightly in the bullish zone.

Hourly RSI – The RSI is just holding the 50 level.

Major Support Level – $50.00

Major Resistance Level – $51.00

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.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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