Ethereum Price Technical Analysis – ETH/USD Showing Positive Signs

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 currently stable and consolidating the recent swing moves. It looks like there is a chance of ETH moving back higher if the bulls manage to regain traction.

Ethereum Price Technical Analysis Ethereum Price Technical Analysis

On the downside, the $9.50-40 support area may play a major role. As long as the price is above it, there is a chance of it gaining pace once again. On the upside, we need a daily close above $10.00 for the price to establish a bullish trend.

Hourly MACD – The MACD is heading back into the bearish slope from the bullish area.

Hourly RSI – The RSI is just above the 50 level and struggling to hold it.

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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