Ethereum Price Technical Analysis – ETH Approaching Break?

BitsPlan

Key Highlights

  • ETH price mostly traded in a range versus the US Dollar during the past few sessions.
  • There is a contracting triangle pattern forming on the hourly chart (data feed via SimpleFX) of ETH/USD, which may provide us a break soon.
  • As long as the price is above the 100 hourly simple moving average, the chances of an upside break are high.

Ethereum price is currently trading in a range against the US Dollar, but with a positive tone and approaching a break soon.

Ethereum Price Resistance

Ethereum price after trading as high as $13.32 against the US Dollar started correcting lower. The correction extended too far as the price tested the 50% Fib retracement level of the wave from the $12.65 low to $13.32 high. However, the price is now stable, and trading in a range. It is finding bids near the stated fib level along with the 100 hourly simple moving average.

There is a contracting triangle pattern forming on the hourly chart (data feed via SimpleFX) of ETH/USD. It is a major breakout pattern forming, and may provide us the next move in the short term. On the upside, the triangle resistance trend line is acting as a major hurdle for the buyers. They failed to break it on more than two occasions.

Ethereum Price Technical AnalysisEthereum Price Technical Analysis

If at all they succeed in breaking it, then there is a chance of a move towards the last swing high of $13.32. The price may even form a new high in that situation if buyers stay in control. On the flip side, a break below the triangle support and the 100 hourly simple moving average may call for more losses. The 76.4% Fib retracement level of the wave from the $12.65 low to $13.32 high may be tested.

Hourly MACD – The MACD is mostly flat, but slightly in the bearish zone.

Hourly RSI – The RSI is just around the 50 level, waiting for a break.

Major Support Level – $12.95

Major Resistance Level – $13.15

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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