Ethereum Price Technical Analysis – ETH/USD Breaks Past Resistance

Key Highlights

• ETH price after finding strong bids near $47.50 against the US Dollar started a recovery.
• Yesterday’s highlighted bearish trend line with resistance at $49.80 was broken on the hourly chart (ETH/USD, data feed via SimpleFX).
• On the upside, the price is now approaching the last swing high of $53.70.

Ethereum price found support at $47.50 against the US Dollar, and now ETH/USD is back with action and likely to retest the last high near $53.70.

Ethereum Price Upside Surge

We saw a decline in ETH price towards the $47.50 level yesterday against the US Dollar. The price was likely to extend the decline, but somehow the $47.50 acted as a strong support. It also represented the 50% Fib retracement level of the last wave from the $42.10 low to $53.69 high. There were 2-3 failures to break the stated support, but sellers failed to break $47.00. As a result, the price bounced and managed to move back above the $48.50 resistance.

The most important move was above yesterday’s highlighted bearish trend line with resistance at $49.80 on the hourly chart (ETH/USD, data feed via SimpleFX). Later, the price crawled above the 50% Fib retracement level of the last decline from the $53.70 high to $47.51 low. The price was able to move past $51.00, which is a positive sign. It also broke the 61.8% Fib retracement level of the last decline from the $53.70 high to $47.51 low.

So, there are many positive signs for more gains towards $53. If the current momentum stays intact, the price could even break the last high of $53.70. On the downside, the 100 hourly simple moving average at $49.80 might act as a support if the price moves down.

Hourly MACD – The MACD managed to move back in the bullish zone.

Hourly RSI – The RSI is now reaching the overbought levels.

Major Support Level – $49.80

Major Resistance Level – $53.70

 

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.

<!–

–>