Ethereum Price Technical Analysis – ETH/USD Back In Action

Key Highlights

  • ETH price surged higher versus the US Dollar and posted a solid move above the $12.00 handle.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken for an upside move.
  • The ETH bulls managed to gain control, and took the price higher towards $12.75.

Ethereum price is back in action, as there was a nice upside move in ETH/USD. More gains are likely moving ahead as the resistance is now support.

Ethereum Price Bounce

Yesterday, I stated that the ETH buyers need an encouragement for an upside move. Ethereum price did move higher, as the buyers managed to gain strength. There was a good upside reaction, and the price cleared a couple of important resistance levels. The first one was yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD.

Second, the $12.00 handle was cleared during the upside move to signal more gains. Lastly, there was a close above the 100 hourly simple moving average as well. After the highlighted break, the price traded as high as $1275 where sellers appeared and prevented any further gains. The price is currently correcting lower, and moved below the 23.6% Fib retracement level of the last leg from the $11.69 low to $12.75 high. However, it looks like the pair may correct further before it can gain bids on the downside.

Ethereum Price Technical AnalysisEthereum Price Technical Analysis

The next important support is near the 50% Fib retracement level of the last leg from the $11.69 low to $12.75 high. If the pair continues to move down, then the broken resistance trend line may come into action. It might now act as a support and prevent a downside move.

Hourly MACD – The MACD is placed in the bullish zone, but slowly losing the grip.

Hourly RSI – The RSI is currently above the 50 level, which is a good sign for buyers.

Major Support Level – $12.00

Major Resistance Level – $12.60

 

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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