Ethereum Price Technical Analysis – ETH/USD Showing Positive Signs

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Key Highlights

  • ETH price bounced against the US Dollar before the hard fork was initiated, and later corrected lower.
  • There was a break higher, and currently there is a bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acting as a support.
  • The price is struggling to hold gains, but remains above a major support area of $9.50.

Ethereum price managed to climb higher against the US Dollar yesterday, but quickly retraced most gains. Can ETH/USD regain traction?

Ethereum Price Upside Move

Yesterday, there was a rise in ETH price just before the Ethereum network 4th Hard Fork. The ETH/USD pair surged higher and broke yesterday’s highlighted range resistance area at $9.50. There was a new high formed at $10.08 before the price found resistance and moved down. There was a sharp downside move, as the price broke the 38.2% Fib retracement level of the wave from the $9.36 low to $10.08 low.

The downside was so sharp that there was a complete test of the 100 hourly simple moving average. Moreover, the price also tested the broken resistance at $9.50 along with the 76.4% Fib retracement level of the wave from the $9.36 low to $10.08 low. The price is

Read more ... source: NewsBTC USA

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