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Home Cryptocurrency news

Ethereum Price Technical Analysis – ETH/USD Range Bound

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 a minor bullish wave against the US Dollar started trading in a range.
  • There was a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken recently.
  • The highlighted range resistance is near $8.10 and range support is near $7.90.

Ethereum price starting trading in a range against the US Dollar, and it looks like the ETH/USD pair is preparing for the next move.

Ethereum Price Resistance

ETH price declined a few points towards the $7.85 level against the US Dollar. The price started a minor upside move, and broke a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. There was also an upside move above the 23.6% Fib retracement level of the last decline from the $8.50 high to $7.85 low. However, the upside move was limited, as there was no real momentum.

The 100 hourly simple moving average is preventing an upside break in ETH/USD, and stopping the buyers from gaining momentum. Moreover, the 38.2% Fib retracement level of the last decline from the $8.50 high to $7.85 low is also acting as a resistance and preventing gains. It looks like a range pattern is forming with resistance is near $8.10 and support at $7.90. If the current sentiment remains intact, there is a chance of an upside break.

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Ethereum Price Technical Analysis

A break above the range resistance and the 100 hourly simple moving average may take the price towards $8.30. If buyers remain in control, the price may even head towards the 76.4% Fib retracement level of the last decline from the $8.50 high to $7.85 low.

Hourly MACD – The MACD is currently in the bullish zone but with no momentum.

Hourly RSI – The RSI has just moved above the 50 level, which is a positive sign.

Major Support Level – $7.90

Major Resistance Level – $8.20

 

Charts courtesy – SimpleFX

Tags: Ethereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdOnlinepricetrading
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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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