Ethereum Price Technical Analysis – ETH/USD Range Bound

Aayush Jindal

8 years ago

2 mins read

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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.

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

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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