- 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 back above the $11.80 resistance area, which is a good sign and may lift the market sentiment.
If the price dips or corrects lower from the current levels, then the same trend line support may act as a barrier for sellers. On the upside, it looks like a test of the $12.00 resistance area is possible as long as the price is above $11.80.
Hourly MACD – The MACD is in the bullish zone, and calling for more gains in the near term.
Hourly RSI – The RSI is heading towards the overbought levels, which may ignite a minor dip in ETH.
Major Support Level – $11.80
Major Resistance Level – $12.00
Charts courtesy – SimpleFX
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