Ethereum Price Technical Analysis – ETH/USD Breaks Higher

Key Highlights

• ETH price finally managed to overtake the $12.70-75 resistance against the US Dollar, and moved higher.
• Yesterday’s highlighted bearish trend line with resistance at $12.60 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair is currently correcting lower towards $12.75 where it may find support.

Ethereum price surged higher against the US Dollar, broke the $12.75 resistance, and ETH/USD moved towards $13.20 for further gains.

Ethereum Price Buy Dips?

Yesterday, we saw how there was a major resistance formed near $12.60 and $12.70 in ETH price against the US Dollar. Later, the ETH buyers finally managed to gain some pace, and pushed the price above $12.70. During the upside, the price broke many hurdles. First, yesterday’s highlighted bearish trend line at $12.60 was cleared on the hourly chart of ETH/USD (data feed via SimpleFX). Second, the price also broke the 100 hourly simple moving average at $12.60.

Finally, the most important break was near $12.75-77. The stated area acted as a monster barrier for ETH/USD earlier, and a break above it was crucial. It means the price is now following a nice bullish trend. It traded as high as $13.19 where it found resistance and moved down. It is currently correcting lower, and moved below the 23.6% Fib retracement level of the last wave from the $12.07 low to $13.19 high.

However, there is a major support area waiting on the downside at $12.75. The same level was resistance and now may act as a support. Moreover, it also coincides with the 38.2% Fib retracement level of the last wave from the $12.07 low to $13.19 high. So, buying dips near $12.75 may be considered as long as the price is above $12.70.

Hourly MACD – The MACD has moved into the bullish zone, which is a positive sign.

Hourly RSI – The RSI is correcting from the overbought levels, but still above the 50 level.

Major Support Level – $12.70

Major Resistance Level – $13.00

 

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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