Ethereum Price Technical Analysis – ETH/USD Bullish Formation

Key Highlights

• ETH price gained pace after a correction towards the $10.35 support against the US Dollar.
• This week’s highlighted connecting resistance trend line on the hourly chart of ETH/USD (data feed via SimpleFX) is still acting as a resistance near $10.65.
• The price may once again correct a few points down before making an attempt to break $10.65.

Ethereum price is back in the bullish zone after a mild correction against the US Dollar, and it looks like ETH/USD may break $10.65 soon.

Ethereum Price Resistance

There was a minor correction initiated in ETH price against the US Dollar towards $10.35. The price found support near the stated level and started to move higher once again. It looks like the price completed a correction since the bounce was from the 61.8% Fib retracement level of the last wave from the $10.25 low to $10.52 high. During the upside move, the price broke the $10.40 resistance.

Moreover, there was a break above yesterday’s highlighted bearish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) at $10.45. However, the upside move was stalled near this week’s highlighted connecting resistance trend line on the same chart at $10.65. The price struggled to clear it, and once again moved down to correct lower. It is testing the 23.6% Fib retracement level of the last wave from the $10.25 low to $10.65 high, which is a support.

If there is an extension of the correction, then the $10.45 support may be tested. Moreover, the 38.2% Fib retracement level of the last wave from the $10.25 low to $10.65 high might also act as a support at $10.50. In short, the price may find support and could make an attempt to break $10.65.

Hourly MACD – The MACD is placed well in the bullish zone.

Hourly RSI – The RSI is well above the 50 level, and remains supported.

Major Support Level – $10.45

Major Resistance Level – $10.65

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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