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Home Cryptocurrency news

Ethereum Price Technical Analysis – ETH/USD Bullish Case

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

  • ETH price is rising higher and currently trading near the $328 level against the US Dollar.
  • There is an ascending channel with support at $319 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is likely to continue higher and it could even break the channel resistance at $329 for more gains.

Ethereum price is slowly gaining momentum against the US Dollar against Bitcoin. ETH/USD has formed a decent support around $319-320 for further upsides.

Ethereum Price Uptrend

There was a decent upside in ETH price as it crawled above the $319-320 resistance area against the US Dollar. The price is trading with a positive bias with supports at $319, $315 and $311. It is already above the 50% Fib retracement level of the last decline from the $344.46 high to $290.34 low, which is a positive sign. The next important bullish sign is a close above $308 and the 100 hourly simple moving average.

At the moment, the price is trading near the $328 level. There is an ascending channel with support at $319 forming on the hourly chart of ETH/USD. The channel resistance is just below the 76.4% Fib retracement level of the last decline from the $344.46 high to $290.34 low. Therefore, once there is a close above channel resistance at $329-330, there can a move towards the last swing high of $344.

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Ethereum Price Technical Analysis ETH USD

On the downside, the channel support at $319-320 is a crucial support. Below it, the 100 hourly simple moving average is positioned at $316.50. Overall, buying dips in the near term towards $319-316 might be considered. Once the price gains momentum, there could even be break above the $344 level for a test of $350.

Hourly MACD – The MACD is gaining momentum in the bullish zone.

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

Major Support Level – $319

Major Resistance Level – $329

 

Charts courtesy – SimpleFX

Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdOpinionpricetrading
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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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