- Ethereum price slowly and steadily traded higher this past week versus the US Dollar.
- There is a crucial bullish trend line formed on the 4-hours chart of ETH/USD (data feed via SimpleFX), which may continue to act as a support.
- As long as the price is above the highlighted trend line support, it may bounce soon.
Ethereum price remains supported on the downside against the US Dollar, and buying dips may be opted in the near term.
Ethereum Price Trend
Ethereum price ETH did not make any major moves this past week versus the US Dollar, but it slowly moved higher. The price whenever moved down found buyers and managed to trade back higher. There is a monster support area on the downside, protecting losses in ETH. First, a crucial bullish trend line formed on the 4-hours chart of ETH/USD (data feed via SimpleFX) is protecting losses.
Second, the price is above the 100 simple moving average (4-hours chart), which means it is in an uptrend. The price has moved above the 23.6% Fib retracement level of the last drop from the $14.26 high to $12.26 low. So, it is another positive sign, and means there is a chance of more gains in the near term. The ETH bulls need to clear the next hurdle on the way up to retain the momentum.
A break above the 50% Fib retracement level of the last drop from the $14.26 high to $12.26 low may put the price on a bullish track. Only a break below the trend line and support area might call for a chance of trend. We also need to keep a close eye on the 100 simple moving average as a support.
4-hours MACD – The MACD is in the bullish zone, which is a good sign.
4-hours RSI – The RSI is currently above the 50 level, and should stay above it.
Major Support Level – $12.20
Major Resistance Level – $13.50
Charts courtesy – SimpleFX
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