Key Highlights
- ETH price remained above the $7.85 support area against the US Dollar, and looks set for a minor upside move.
- There is a connecting bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is currently acting as a support.
- There is a chance of an upside move towards the $8.50 if the ETH buyers remain active.
Ethereum price succeeded in gaining bids intraday against the US Dollar and Bitcoin, and it looks like ETH/USD may trade a few points higher.
Ethereum Price Support Trend Line
ETH price remained supported during the past few hours against the US Dollar and BTC. There was a minor upside move, taking the price higher. The most important point is the fact that the ETH/USD pair remained above the 100 hourly simple moving average. Earlier, the pair after dipping below the $8.00 level found support and traded higher. During the upside, it broke the 23.6% Fib retracement level of the last decline from the $8.67 high to $7.82 low.
However, the upside move found resistance near $8.40. The stated level also coincides with the 50% Fib retracement level of the last decline from the $8.67 high to $7.82 low. There is now a connecting bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. It is currently acting as a support and preventing sellers from taking control. As long as the price is above it there is a chance of ETH gaining a few points in the short term.
On the upside, the recent swing high at $8.40-45 is an intermediate resistance before an important hurdle at $8.67. One may consider buying dips with a stop below the 100 hourly simple moving average.
Hourly MACD – The MACD is currently in the bullish slope, but with flat structure.
Hourly RSI – The RSI is currently above the 50 level, which is a positive sign.
Major Support Level – $8.10
Major Resistance Level – $8.45
Charts courtesy – SimpleFX