Ethereum Price Technical Analysis – ETH/USD Remains Range Bound

Key Highlights

  • ETH price after declining one more time against the US Dollar found support near $9.70.
  • There is a tiny bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which must be breached for an upside move.
  • The price is also below the 100 hourly simple moving average, which is just below the trend line.

Ethereum price remained in a range starting yesterday against the US Dollar, and ETH/USD is waiting for a catalyst for the next move.

Ethereum Price Range

There was a recovery pattern seen in ETH price yesterday against the US Dollar and Bitcoin. However, it could not last long, as the price declined and tested the last swing low of $9.70. However, the ETH buyers managed to protect the downside move, and pushed the price back higher. The price also bounced from the 76.4% Fib retracement level of the decline from the $10.32 high to $9.44 low.

Currently, it looks like there is a range pattern formed on the hourly chart with support on the downside at $9.70, and many resistances on the way up. On the upside an initial resistance is around the 23.6% Fib retracement level of the decline from the $10.20 high to $9.70 low. However, the next one is crucial, which is in the form of a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.

Ethereum Price Technical Analysis Ethereum Price Technical Analysis

The 100 hourly simple moving average is also just below the trend line, which increases the value of the resistance. The last one is the range resistance at $10.20. As long as the price is in a range, it is wise not to trade ETH.

Hourly MACD – The MACD is currently in the bearish zone with stable momentum.

Hourly RSI – The RSI is struggling to break the 50 level, which is needed for buyers to take control.

Major Support Level – $9.70

Major Resistance Level – $10.20

 

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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