Ethereum Price Technical Analysis – ETH/USD About To Break

Key Highlights

• ETH price remained in a tight range against the US Dollar with resistance near $43.
• Yesterday’s highlighted contracting triangle pattern is still intact with support near $41 on the hourly chart (ETH/USD, data feed via SimpleFX).
• The price is currently above the 100 hourly simple moving average at $41.10, which is a positive sign.

Ethereum price is about to move in one direction against the US Dollar, as the ETH/USD pair is soon approaching a break with resistance around $43.

Ethereum Price Upside Hurdle

There was no major move above $44 in ETH price against the US Dollar. The price mostly seen trading in a tight range with support at $41 and current resistance is at $43. The price seems to be preparing for the next move either above $43 or below $40. Yesterday’s failure to break the 38.2% Fib retracement level of the last wave from the $30.36 low to $45.03 high was crucial.

The price has not retested the $40 support once again, and remains above the 100 hourly simple moving average at $41.10. Moreover, the highlighted contracting triangle pattern in yesterday’s post with support near $41 on the hourly chart (ETH/USD, data feed via SimpleFX) is still valid. It is contracting and about to reach a break zone. The current resistance is at $42.50-43 and support is just above $41.

A downside break could be tough below $40. But, if there is a break down, then the 50% Fib retracement level of the last wave from the $30.36 low to $45.03 high might be tested. On the upside, a move above $43 may call for a retest of $45.03. There is connecting bearish trend line as well, which may play a major role near $43.65.

Hourly MACD – The MACD is almost flat with no bias.

Hourly RSI – The RSI is struggling to move back above the 50 level.

Major Support Level – $41.00

Major Resistance Level – $43.00

 

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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