Ethereum Price Technical Analysis – ETH Bouncing From Support

Key Highlights

  • ETH price moved down a few points versus the US Dollar, but found bids near a major support.
  • This week’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD continued to act as a barrier for the sellers.
  • The price is currently bouncing from the trend line support and looks set for more gains.

Ethereum price after a minor correction against the US Dollar found support near a trend line and currently trading back higher.

Ethereum Price Upside Move

Ethereum price remained lower yesterday against the US Dollar until it found support near a major technical level. I am tracking a major bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD this week. It acted as a support on many occasions and provided bids. Yesterday, the price once again tested the same trend line. However, the ETH bulls successfully managed to defend the downside move.

Moreover, the 38.2% Fib retracement level of the last wave from the $11.15 low to $12.12 high also played a major role. It all formed a major support and acted as a barrier for sellers. This was not all, as the 100 hourly simple moving average was also around the same trend line support. The price is again moving back higher and may gain further.

Ethereum Price Technical AnalysisEthereum Price Technical Analysis

On the upside, the $11.90-12.00 area is acting as a resistance and protecting gains. A break above is needed for a push back towards the last swing high of $12.12. In my view, as long as the trend line holds, ETH/USD could break $12.00. Buying may be considered but with caution and a tight stop.

Hourly MACD – The MACD is currently moving back in the bullish zone, which is a positive sign.

Hourly RSI – The RSI is now back above the 50 level, calling for upsides.

Major Support Level – $11.74

Major Resistance Level – $12.00

 

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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