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Ethereum Price Technical Analysis ETH
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Ethereum Price Technical Analysis – ETH/USD Turned Buy?

Aayush Jindal by Aayush Jindal
5 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 2 mins read
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Key Highlights

  • ETH price managed to gain momentum, and moved above the $41 resistance against the US Dollar.
  • There is now a new bullish trend line with support at $39.50 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price is above the 100 hourly simple moving average, which might now provide support at $41.70.

Ethereum price popped a few points higher against the US Dollar, and now ETH/USD is well positioned above the $41.00 level for more gains.

Ethereum Price Support

There was a nice upside move in ETH price above $41 against the US Dollar. The price managed to break a couple of important resistances. The most important one was yesterday’s highlighted two bearish trend lines with resistance at $41.70 on the hourly chart (ETH/USD, data feed via SimpleFX). The price also attempted a break above the 61.8% Fib retracement level of the last decline from the $45.09 high to $38.15 low. However, it failed to climb above the $43.90 level.

At the moment, the price is correcting lower towards $41.70. It is currently testing the 23.6% Fib retracement level of the last wave from the $38.20 low to $43.90 high. However, there is a major support waiting on the downside near $41.70. It coincides with the 100 hourly simple moving average at $41.72. Moreover, the 38.2% Fib retracement level of the last wave from the $38.20 low to $43.90 high is also around the same support.

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Ethereum Price Technical Analysis  ETH

Last but not the least, the broken trend line is at $41.50. So, we can say there are many support levels on the downside. So, one may consider buying as long as the price is above a new bullish trend line with support at $39.50.

Hourly MACD – The MACD is slightly in the bullish zone, which is a positive sign.

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Hourly RSI – The RSI is currently well above the 50 level.

Major Support Level – $41.00

Major Resistance Level – $43.90

 

Charts courtesy – SimpleFX

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