Ethereum Price Technical Analysis – Can ETH/USD Retain Pace

Key Highlights

• ETH price corrected towards the $18.00 handle and later recovered against the US Dollar.
• There was a bearish trend line at $18.85 on the hourly chart of ETH/USD (data feed via SimpleFX), which was broken.
• If the pair breaks $19.30 once again, there is a chance of it gaining pace.

Ethereum price is currently recovering from the $18.05 low against the US Dollar, and ETH/USD is now looking to extend gains.

Ethereum Price to Gain Further?

There was a correction wave initiated in ETH price vs the US Dollar, as it moved down below $18.50. The price traded in a random fashion, resulting in a move towards $18.05 where it found support. The main reason was the hourly simple moving average at $18.05. There was also a bullish trend line around the same area, which protected further losses.

The price later started recovering, and moved above $18.80. During the upside, the price broke 23.6% Fib retracement level of the last drop from the $20.54 high to $18.05 low. Moreover, there was a break above a bearish trend line at $18.85 on the hourly chart of ETH/USD (data feed via SimpleFX). These all are positive signs. However, the price is currently struggling to break the 50% Fib retracement level of the last drop from the $20.54 high to $18.05 low at $19.29.

The price has to break the $19.30 resistance area in order to gain momentum, and trade higher. If it manages to break $19.30, the next stop could be near $19.59. It coincides with the 61.8% Fib retracement level of the last drop from the $20.54 high to $18.05 low. Overall, the price remains supported near $18.70, and might look to break $19.30.

Hourly MACD – The MACD is in the bullish zone, but with less momentum.

Hourly RSI – The RSI is well above the 50 level, which is a positive sign.

Major Support Level – $18.70

Major Resistance Level – $19.30

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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