Key Highlights
- ETH price was mostly bullish against the US Dollar, but was not able to break the $53.50 resistance.
- There was a major bearish trend line with resistance at $43.70 on the 4-hours chart of ETH/USD pair (data feed via SimpleFX), which was broken.
- On the downside, the 100 simple moving average (H4) may act as a support at $46.05.
Ethereum price is trending higher against the US Dollar, and it looks like the ETH/USD pair may challenge the $53.50 resistance soon.
Ethereum Price Upside Hurdle
This past week, there were a couple of swing moves in ETH price towards $50 against the US Dollar. The price dipped and then recovered above the $46.00 level. The upside move was decent, as the price was above to close above the 100 simple moving average (H4) at $46.05. Also, there was a close above the 23.6% Fib retracement level of the last decline from the $53.40 high to $40.70 low.
Later, the price climbed above a major bearish trend line with resistance at $43.70 on the 4-hours chart of ETH/USD pair. This was a positive sign and lifted the price above the $46.00 level. To add to the bullish traction, the price climbed above the 50% Fib retracement level of the last decline from the $53.40 high to $40.70 low. And, it recently traded as high as $50.99 where it found sellers and moved down.
Since, the price is above the 61.8% Fib retracement level of the last decline from the $53.40 high to $40.70 low, it remains bullish. There is a chance that the price may extend the recent upside soon. Before upside, the price may retest the 100 simple moving average (H4) at $46.05, and then move higher.
4-hours MACD – The MACD is currently in the bullish zone.
4-hours RSI – The RSI remains well above the 50 level.
Major Support Level – $46.00
Major Resistance Level – $50.99
Charts courtesy – SimpleFX
