- ETH price after a minor correction yesterday against the US Dollar found support and traded higher.
- Yesterday’s minor bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD played well in acting as a support zone.
- If the market sentiment remains intact, there is a chance of a move towards the $12.00 level.
Ethereum price recovered well recently against the US dollar, and it looks like the ETH/USD pair is set for more gains moving ahead.
Ethereum Price Trend
Ethereum price corrected a few points recently against the US Dollar and traded close to the $11.60 support area. I was looking for a stop on the downside, since there was a major support. I highlighted a minor bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. It acted as a support area and prevented the downside move.
Moreover, the price also tested the 61.8% Fib retracement level of the last wave from the $11.15 low to $12.12 high. Lastly, the 100 hourly simple moving average provided bids. All in all, it was a perfect support area for the ETH/USD pair. As a result, the pair is currently on the rise and trading higher. The price is