Ethereum Price Technical Analysis – ETH/USD Attempts Recovery

Key Highlights

• ETH price after a slide towards $16.06 against the US Dollar started a recovery phase.
• Yesterday’s highlighted bearish trend line with resistance at $17.30 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken during recovery.
• The price is currently attempting to break another connecting trend line with resistance at $17.65.

Ethereum price managed to bounce back from the $16.06 low against the US Dollar. Now, can ETH/USD extend the current recovery in the near term?

Ethereum Price Upside Move

There was a solid downside move in ETH price towards $16.05 vs the US Dollar yesterday. The price later managed to stay supported near $16.06 and started a recovery. The upside move was such that the price managed to clear the $16.70 resistance. It first cracked the 38.2% Fib retracement level of the last drop from the $19.10 high to $16.06 low. It opened the doors for an upside move above $17.20.

Later, the price also broke yesterday’s highlighted bearish trend line on the hourly chart (ETH/USD, data feed via SimpleFX) at $17.30. This was a positive sign, and means that the price managed to overcome a lot of selling pressure. At the moment, the price is struggling to break the 50% Fib retracement level of the last drop from the $19.10 high to $16.06 low at $17.57. It needs to clear the same for more gains.

Furthermore, there is a new connecting bearish trend line formed with resistance at $17.65. So, it looks like the price is currently below an intermediate resistance around $17.65. On the upside, the next hurdle is near the 100 hourly simple moving average at $18.25. On the downside, the price may find support near $17.20, which was a resistance earlier.

Hourly MACD – The MACD has just moved into the bullish zone.

Hourly RSI – The RSI has recovered well, and now above the 50 level.

Major Support Level – $17.20

Major Resistance Level – $17.65

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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