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.
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