Ethereum Price Technical Analysis – ETH/USD About To Break?

Key Highlights

• There is a declining resistance formed in ETH price against the US Dollar, which is currently at $83.30.
• A contracting triangle pattern with support at $80.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• The price may soon either move above $83.30 or break $80.80 for more losses in the near term.

Ethereum price is slightly under pressure against the US Dollar and Bitcoin, and it looks like the ETH/USD pair is about to break a pattern for the next move.

Ethereum Price Resistance

In yesterday’s analysis, we saw how the $77 support prevented more declines in ETH price against the US Dollar. Later, the price recovered and was seen trading above the $80 handle. It also moved above the 50% Fib retracement level of the last decline from the $87.30 high to $76.93 low. It was a positive sign, but for some reason, the price was not above to move past $85, and now back lower.

The ETH/USD pair is currently trading inside a contracting triangle pattern with support at $80.80 formed on the hourly chart. On the upside, the triangle resistance is at $83.30. It also coincides with the 61.8% Fib retracement level of the last decline from the $87.30 high to $76.93 low. On the downside, the triangle support is just above $80.

The best part is the fact that the 100 hourly simple moving average is at $79.30, waiting to provide support. So, if the price moves down, there are many supports around $80. On the upside, a break above $83.30 might call for a move towards the 76.4% Fib retracement level of the last decline from the $87.30 high to $76.93 low at $84.86. The most important resistance is the last swing high at $87.30.

Hourly MACD – The MACD is almost flat with no sign of a major move.

Hourly RSI – The RSI is currently just below the 50 level.

Major Support Level – $80.80

Major Resistance Level – $83.30

 

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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