Key Highlights
- ETH price bounced against the US Dollar before the hard fork was initiated, and later corrected lower.
- There was a break higher, and currently there is a bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acting as a support.
- The price is struggling to hold gains, but remains above a major support area of $9.50.
Ethereum price managed to climb higher against the US Dollar yesterday, but quickly retraced most gains. Can ETH/USD regain traction?
Ethereum Price Upside Move
Yesterday, there was a rise in ETH price just before the Ethereum network 4th Hard Fork. The ETH/USD pair surged higher and broke yesterday’s highlighted range resistance area at $9.50. There was a new high formed at $10.08 before the price found resistance and moved down. There was a sharp downside move, as the price broke the 38.2% Fib retracement level of the wave from the $9.36 low to $10.08 low.
The downside was so sharp that there was a complete test of the 100 hourly simple moving average. Moreover, the price also tested the broken resistance at $9.50 along with the 76.4% Fib retracement level of the wave from the $9.36 low to $10.08 low. The price is currently stable and consolidating the recent swing moves. It looks like there is a chance of ETH moving back higher if the bulls manage to regain traction.
On the downside, the $9.50-40 support area may play a major role. As long as the price is above it, there is a chance of it gaining pace once again. On the upside, we need a daily close above $10.00 for the price to establish a bullish trend.
Hourly MACD – The MACD is heading back into the bearish slope from the bullish area.
Hourly RSI – The RSI is just above the 50 level and struggling to hold it.
Major Support Level – $9.40
Major Resistance Level – $9.80
Charts courtesy – SimpleFX
