Ethereum Price Technical Analysis – ETH Approaching Break

Key Highlights

  • ETH price remained above a major support area versus the US Dollar and currently positioning for a break.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is still in play and may provide us the next break.
  • On the downside, the $11.45-50 support holds the key and must prevent a downside move.

Ethereum price managed to stay in a positive zone against the US Dollar, and it looks like we can witness a break in ETH/USD moving ahead.

Ethereum Price Support

Ethereum price ETH yesterday managed to hold the ground versus the US Dollar, as the $11.45-50 support area prevented a downside. The stated support holds a lot of importance, and it looks like it won’t be easy for sellers to break it. However, on the flip side, there is a major resistance on the upside as well. Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is a crucial hurdle.

The price is stuck between a major support and a bearish trend line. The ETH bulls need to clear the trend line resistance along with the 23.6% Fib retracement level of the last drop from the $12.30 high to $11.44 low for more gains. If they succeed, then there is a high possibility of a break of the 100 hourly simple moving average.

Ethereum Price Technical Analysis Ethereum Price Technical Analysis

In my view, as long as the price is above the $11.40 level, it may move back higher. The next resistance on the upside could be at 61.8% Fib retracement level of the last drop from the $12.30 high to $11.44 low. If at all, there is a break of $11.40, then a move towards $11.00 is possible.

Hourly MACD – The MACD is slightly in the bearish zone, but may move in the bullish zone soon.

Hourly RSI – The RSI is just around the 50 level, and waiting for buyers to gain control.

Major Support Level – $11.45

Major Resistance Level – $11.65

 

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.

<!–

–>