Ethereum Price Technical Analysis – ETH On The Rise Again

Key Highlights

  • 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.

Ethereum Price Technical AnalysisEthereum Price Technical Analysis

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

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.