Ethereum Price Technical Analysis – Can ETH/USD Break $53.50?

Key Highlights

• ETH price remained supported above $51.10 against the US Dollar, but was seen struggling near $53.50.
• There is a new bullish trend line with support at $51.10 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• A break above $53.50 might call for more upsides in the near term towards $55.

Ethereum price is facing a major resistance near $53.50 against the US Dollar. Can ETH/USD break it and move further higher?

Ethereum Price Resistance

There was a nice upside move yesterday in ETH price, as it moved above $51.00 against the US Dollar. The price is now positioned well, but it is struggling to break a monster resistance near $53.50. The same level acted as a hurdle on 3-4 occasions. So, it won’t be easy for buyers to break $53.50 and push the price higher. At the same time, if they succeed, the next level could be $55.00. During the past 24 hours, there are two failures already, and it’s a bad sign in the short term.

On the downside, an initial support is at 38.2% Fib retracement level of the last wave from the $47.50 low to $53.48 high. However, the most important support is near the 100 hourly simple moving average at $50.00. Above it, there is a new bullish trend line at $51.10 on the hourly chart (ETH/USD, data feed via SimpleFX). The same trend line also coincides with the 50% Fib retracement level of the last wave from the $47.50 low to $53.48 high. So, we can say there are two important support levels at $51.10 and $50.00.

The trend line is ascending, which means there would be a break soon either above $53.50 or below $51.00.

Hourly MACD – The MACD is currently above the 50 level, which is a positive sign.

Hourly RSI – The RSI is slowly reducing the bullish slope.

Major Support Level – $51.10

Major Resistance Level – $53.50

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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