- ETH price was seen gaining pace this past week and traded towards the $13.20 level against the US Dollar.
- There are two bullish trend lines formed on the daily chart (data feed via SimpleFX) of ETH/USD, which may act as a support on the downside near $12.00.
- On the upside, the $13.20 high is a resistance area just above the $13.00 handle.
Ethereum price remains in an uptrend against the US Dollar, and at the moment it looks like the ETH/USD pair is eyeing test of the $12.00 support.
Ethereum Price Trend Line Support
This past week, we there was a rise towards $13.20 in Ethereum price against the US Dollar. Later, the price found sellers and started consolidating gains below $13.00. The price at the moment is trading in a range, and may trade lower as a part of a correction. On the downside, there are many support levels, like the 23.6% fib retracement level of the last wave from the $8.99 low to $13.20 high.
However, there are two bullish trend lines formed on the daily chart (data feed via SimpleFX) of ETH/USD. These are important supports on the downside. The first trend line at $11.60-11.80 also coincides with the 38.2% fib retracement level of the last wave from the $8.99 low to $13.20 high. The second one is further on the downside towards $11.00. So, we can say that there are many support areas on the downside starting $12.20.
So, if the pair continues to correct lower, it may find bids on the downside and recover. Overall, it looks like the price remains supported and remains buy on dips near $12.00. On the upside, an initial resistance is at $13.20, followed by $13.40.
Daily MACD – The MACD is well placed in the bullish zone.
Daily RSI – The RSI is in the overbought levels, suggesting a correction.
Major Support Level – $12.00
Major Resistance Level – $13.00
Charts courtesy – SimpleFX