Ethereum Price Technical Analysis – ETH/USD Rallies From $9.00

Key Highlights

• ETH price after a sharp downside move found support near $9.00 against the US Dollar, and started recovering.
• There was a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken during the recent upside move.
• The price traded higher, and currently finding sellers near the $9.80-10.00 area.

Ethereum price after yesterday’s collapse found support near $9.00 against the US Dollar. The ETH/USD is now back higher and in the bullish zone.

Ethereum Price Upside Move

We saw yesterday how there was a sharp decline in ETH price against the US Dollar below the $10.00 support. The price extended its decline and moved below the last swing low of $9.40 to create a new low. There was a full test of the 1.236 extension of the last wave from the $9.40 low to $10.66 high. The price traded as low as $9.00 where it found support and started moving higher.

The price traded higher and during the upside move broke a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. There was also a break above the 23.6% Fib retracement level of the last decline from the $10.58 high to $9.00 low. There was a solid rise, as the price moved past the $9.40 resistance area. However, the upside move found sellers near the 50% Fib retracement level of the last decline from the $10.58 high to $9.00 low.

The price is currently slightly bearish below $9.80. It needs to climb above the mentioned level for the ETH buyers to step up the momentum. If there is no break, there is a chance of a retest of $9.40 at least in the near term.

Hourly MACD – The MACD is about to move into the bullish slope.

Hourly RSI – The RSI is now back above the 50 level, which is a positive sign.

Major Support Level – $9.40

Major Resistance Level – $9.80

 

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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