Ethereum Price Technical Analysis – Trend Line Proved Worth

Key Highlights

  • Ethereum price after moving down against the US Dollar found support and traded higher.
  • Yesterday’s highlighted bullish trend line on the hourly chart (data feed via Kraken) of ETH/USD acted as a perfect support area.
  • The price also got bids near the 100 hourly simple moving average and currently trading above the $13.50 level.

Ethereum price once again started to move higher, as the trend line support acted as a barrier for the ETH sellers and prevented the downside move.

Ethereum Price Buy

Ethereum price ETH after correcting lower against the US Dollar found buyers one more time, and started to move higher. There was a nice reaction around yesterday’s highlighted bullish trend line on the hourly chart (data feed via Kraken) of ETH/USD, which acted as a perfect barrier for losses.

Moreover, the 61.8% Fib retracement level of the last leg from the $10.37 low to $16.08 high also acted as a support area along with the 100 hourly simple moving average, and pushed the price higher. Currently, the price is trading near an intermediate resistance area of $13.90-$14.00, which is preventing further gains in the short term.

Ethereum Price Technical Analysis

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