Ethereum Price Technical Analysis – ETH Bouncing From Support

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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

Read more ... source: NewsBTC USA

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ETH: 0xa829E61Cc130b4f02fbfc9D7763361a550C7f824