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Home Cryptocurrency news

Ethereum Price Technical Analysis – ETH/USD Continues To Impress

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

  • There were was a minor dip in ETH price towards $85 against the US Dollar, but later it recovered.
  • There is a major connecting bearish trend line with resistance at $96.83 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price may dip once again, but likely to find support near the $92 level.

Ethereum price remained in the bullish zone against the US Dollar and Bitcoin, and ETH/USD is now once again preparing for the next move.

Ethereum Price Resistance

There were a few moves in ETH price as it dipped below the $90 level against the US Dollar. We can say that the price started a correction from the $100 swing high towards the $85.00 level. A low was formed near $84.60 from where a recovery was started. The price moved higher, and traded above the 23.6% Fib retracement level of the last decline from the $100.60 high to $84.60 low. There was a connecting bullish trend line at $85, which prevented further losses and pushed the price higher.

The price is now back above the 50% Fib retracement level of the last decline from the $100.60 high to $84.60 low. It may continue to trade higher. However, there is a major connecting bearish trend line with resistance at $96.80 formed on the hourly chart of ETH/USD. It may act as a hurdle and prevent gains above $96.

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Ethereum Price Technical Analysis ETH USD

The same trend line also coincides with the 76.4% Fib retracement level of the last decline from the $100.60 high to $84.60 low. So, there can be a minor dip in ETH price before it makes another upside move above $96.

Hourly MACD – The MACD is just moving from the bearish to bullish zone.

Hourly RSI – The RSI is currently moving higher, and attempting to settle above the 50 level.

Major Support Level – $92

Major Resistance Level – $96

 

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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