Ethereum Price Technical Analysis – ETH/USD at Make-or-Break Levels

Key Highlights

• There was a minor new high in ETH price above $93.40 against the US Dollar, but with no real momentum.
• There is an important bullish trend line with support at $90.00 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• On the upside, the price needs to break $91.80 for further gains in the near term.

Ethereum price slowly moved higher against the US Dollar and Bitcoin, and now ETH/USD is trading near make-or-break levels above $90.

Ethereum Price Trend Line Support

In the last analysis, we discussed about a break above $91 in ETH price against the US Dollar. It was not easy, but there was a break above $91. The price traded above $93, and formed a new intraday high at $93.46 where it faced offers. Later, it moved down, and traded below the 23.6% Fib retracement level of the last wave from the $86.44 low to $93.46 high. The downside move was such that the price even broke the $90 support once.

However, it found support near an important bullish trend line at $90.00 formed on the hourly chart of ETH/USD. The 50% Fib retracement level of the last wave from the $86.44 low to $93.46 high also acted as a support. The price is currently consolidating above $90, and remains above the trend line. On the upside, there is connecting bearish trend line with resistance at $91.80 on the same chart.

So, we can say that the price is stuck between two trend lines. It may soon either break $91.80 for further gains. Otherwise, there can be break below $90 for the downside extension. On the downside, the next major support is at $88, which coincides with the 100 hourly simple moving average.

Hourly MACD – The MACD is in the bullish zone, but with no momentum.

Hourly RSI – The RSI is moving flat above the 50 level.

Major Support Level – $90.00

Major Resistance Level – $91.80

 

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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