- 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.
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
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