Ethereum Price Technical Analysis – ETH/USD Trend Positive

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Key Highlights

  • ETH price managed to start a recovery against the US Dollar yesterday, and traded above the $9.60 resistance.
  • There is likely a range pattern formed on the hourly chart (data feed via SimpleFX) of ETH/USD with resistance on the upside at $10.18.
  • The price also remains supported on the downside at $9.60-70.

Ethereum price started a recovery yesterday against the USD, and it looks like the ETH/USD pair is currently trading with a positive bias.

Ethereum Price Support

Yesterday, we saw how ETH price climbed higher against the US Dollar and Bitcoin. There was a nice recovery pattern formed, as there was close above the $9.60-70 resistance area. The price traded higher and broke the 61.8% Fib retracement level of the decline from the $10.32 high to $9.44 low. However, the upside found resistance just below the $10.20 level, and started correcting lower.

The price started a correcting, and moved below the 38.2% Fib retracement level of the wave from the $9.44 low to $10.23 high. However, the downside found support near the last swing low of $9.65. The stated level is a major short-term support and is also the lower end of the range pattern. Moreover, it represents the 61.8%

Read more ... source: NewsBTC USA

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