Key Highlights
- ETH price after a minor dip yesterday moved higher against the US Dollar, but the upside was limited.
- There is a new connecting bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a support near $9.80.
- The price is also well supported near the 100 hourly simple moving average, acting as a barrier near $9.95.
Ethereum price managed to stay above a couple of important support levels against the US Dollar. It looks like ETH/USD remains buy on dips.
Ethereum Price Trend Line Support
There was no major downside in ETH price against the US Dollar, as it remained supported near $9.80. The price made a minor dip yesterday, but found bids near the 100 hourly simple moving average at $9.95. The price bounced back and moved above the 38.2% Fib retracement level of the last decline from the $11.42 high to $9.08 low. However, the upside move was also limited, as there was no real push.
The price failed to settle above $10.60, coinciding with the 61.8% Fib retracement level of the last decline from the $11.42 high to $9.08 low. The price dipped once again, but the 100 hourly simple moving average rescued. On the downside, the ETH/USD pair looks supported around the stated SMA. Moreover, there is a new connecting bullish trend line formed on the hourly chart (data feed via SimpleFX).
The trend line support is around $9.75-9.80. So, if there is a dip one more time, the highlighted trend line may act as a support near $9.80. Overall, the price may continue to range trade before it attempts to move higher another time.
Hourly MACD – The MACD is slowly reducing the bullish zone, which is a slight concern.
Hourly RSI – The RSI is also attempting to close below the 50 level, which may ignite a minor dip.
Major Support Level – $9.80
Major Resistance Level – $10.60
Charts courtesy – SimpleFX