Ethereum Price Technical Analysis – ETH/USD Recovery Positive

Key Highlights

• ETH price gained momentum from the $185 support against the US Dollar and moved higher.
• This week’s highlighted two bearish trend lines with resistances as $188 and $205 on the hourly chart of ETH/USD (data feed via SimpleFX) were cleared.
• The next major hurdle for ETH buyers is around the $226 level, which is a short-term pivot.

Ethereum price maintained a bit tone against the US Dollar and Bitcoin, and ETH/USD managed to settle above the $208 resistance area.

Ethereum Price Support

There was a decent recovery started from the $168 low in ETH price against the US Dollar. Later, a support base was formed near $185 and the price started a substantial recovery. Buyers were able to take the price back above the $200 handle. Another important break was above the 50% Fib retracement level of the last decline from the $234.34 high to $168.58 low. It cleared the path for a move above the $208 resistance.

Moreover, this week’s highlighted two bearish trend lines with resistances as $188 and $205 were cleared on the hourly chart of ETH/USD. Lastly, the price is now above the $210 level and the 100 hourly simple moving average. At the moment, the price is trading near the 76.4% Fib retracement level of the last decline from the $234.34 high to $168.58 low.

A successful close above the $220 level could ignite further gains in the short term. An initial resistance is near the $226 level, which is a pivot zone. If the current momentum stays, there is a chance of a break above $226. On the downside, the $208 level and the 100 hourly simple moving average might act as a support.

Hourly MACD – The MACD is now back in the bullish zone.

Hourly RSI – The RSI is placed well above the 50 level and showing positive signs.

Major Support Level – $208

Major Resistance Level – $226

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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