Ethereum Price Technical Analysis – Short-term Resistance

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Key Highlights

  • ETH price started a minor correction against the US Dollar yesterday and currently attempting to move back higher.
  • There is a minor bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which buyers need to break for an upside move.
  • They also need to overcome the 100 hourly simple moving average, positioned just around the trend line.

Ethereum price after completing a tiny correction versus the US Dollar gained bids at $10.80. Can it continue to move higher in the near term?

Ethereum Price Sighting Break

Ethereum price ETH started a correction yesterday versus the USD, and moved down. There was a downside move, which took the price towards the 50% Fib retracement level of the last wave from the $10.31 low to $11.18 high. The stated level acted as a support area and provided bids. The price after ranging for some time started moving back higher.

Currently, the ETH/USD pair is facing a couple of important resistance levels. On the upside, the most important one is around a minor bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. The second one is also just around the trend line in the form of the 100 hourly simple moving average. All in all, the price is currently testing a breakout level. If the ETH buyers manage to clear it, then it would call for more gains in the near term.

Ethereum Price Technical AnalysisEthereum Price Technical Analysis

On the downside, a break below yesterday’s low may take the price towards the 61.8% Fib retracement level of the last wave from the $10.31 low to $11.18 high. In my view, there is a chance of a break higher if the bulls gain pace.

Hourly MACD – The MACD looks like about to change the slope from bearish to bullish.

Hourly RSI – The RSI is about to break the 50 level, which is a good sign for buyers.

Major Support Level – $10.80

Major Resistance Level – $11.20

 

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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