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Home Cryptocurrency news

Ethereum Price Technical Analysis – ETH/USD To Move Higher?

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

  • ETH price after correcting towards the $9.10 level against the US Dollar found support and moved higher.
  • There was a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken during the recent upside at $9.65.
  • The price is also above the 100 hourly simple moving average, which may now act as a support.

Ethereum price may have completed a correction against the US dollar. So, can ETH/USD move higher one more time towards $10.80?

Ethereum Price Support

There was a correction from the $11.42 initiated in in ETH price against the US Dollar. The price traded lower and traded near the swing low of $9.10. Later, the price stated recovering, and moved above the 23.6% Fib retracement level of the last decline from the $11.42 high to $9.08 low. It opened the doors for more gains ETH/USD, and pushed the pair higher.

The upside move was such that there was a break above a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. The price also moved above the 100 hourly simple moving average. At the moment, the upside move is finding resistance near the 50% Fib retracement level of the last decline from the $11.42 high to $9.08 low. So, there is a chance of a minor dip in the short term before the price attempts to trade higher one more time.

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Ethereum Price Technical Analysis

On the downside, the 100 hourly simple moving average may now act as a support. Moreover, the broken trend line might also provide bids near the $9.65-9.75 area. One may even consider buying dips as long as the price is above the $9.55 level.

Hourly MACD – The MACD is now back in the bullish zone, and showing positive signs.

Hourly RSI – The RSI is also above the 50 level, which is a bullish sign.

Major Support Level – $9.65

Major Resistance Level – $10.25

 

Charts courtesy – SimpleFX

Tags: Ethereum 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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