Ethereum Price Technical Analysis – ETH/USD Break Near?

Key Highlights

• ETH price remains supported near $49.50 against the US Dollar, and currently moving higher.
• There is a nice bullish trend line with support at $50.05 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• On the upside, there is a connecting trend line with resistance at $51.

Ethereum price remains supported against the US Dollar above $49, and now ETH/USD looks for yet another break for the next move.

Ethereum Price Trend Line Support

It was a good session so far for ETH price, as it maintained bid tone above $50.10 against the US Dollar. The price traded higher from the $47.90 low and managed to move above the $50 handle. Earlier, there was a decline or we can say a correction was initiated from the $53.69 high. There was a 5-wave pattern (not a perfect one) with a break of the $50 handle. During the downside move, the price broke the 23.6% Fib retracement level of the last wave from the $42.15 low to $53.69 high.

It ignited further declines, and the price moved below $50. However, the 50% Fib retracement level of the last wave from the $42.15 low to $53.69 high acted as a support. It prevented further losses on two occasions near $47.90. The price finally moved higher and currently trading above the $50 handle. On the downside, there is a nice bullish trend line with support at $50.05 formed on the hourly chart (ETH/USD, data feed via SimpleFX). Similarly, on the upside, there is a resistance in the form of a connecting trend line $51.

So, we can say that the price is above $50 support and below $51 resistance. It might soon approach a break with chances of a move towards $53 in the short term.

Hourly MACD – The MACD is again moving slightly in the bullish zone.

Hourly RSI – The RSI is just holding the 50 level.

Major Support Level – $50.00

Major Resistance Level – $51.00

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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