Ethereum Price Technical Analysis – ETH/USD Buy Dips

Key Highlights

• ETH price retained the bullish bias, and managed to stay above the $40 support level against the US Dollar.
• There is a contracting triangle pattern formed with support near $40.80 on the hourly chart (ETH/USD, data feed via SimpleFX).
• On the upside, the triangle resistance is at $48.80, acting as a hurdle for more gains.

Ethereum price remained elevated against the US Dollar, and it looks like ETH/USD has a nice support formed just around the $40.50 level.

Ethereum Price Support Zone

Yesterday, there was a minor upside move ETH price against the US Dollar towards the $45 level. The price was also able to clear the 61.8% Fib retracement level of the last decline from the $49.74 high to $30.36 low. However, it failed to break the 76.4% Fib level of the same wave just around $45. As a result, there was a downside move towards the $40.00 handle. The price traded as low as $39.65 where it found support.

During the downside move, there was a break below the 23.6% Fib retracement level of the last wave from the $30.36 low to $45.03 high. Later, it found support near the 38.2% Fib level at $39.42, and recovered. At the moment, the price is trading positively above $40.50. There is a contracting triangle pattern formed with support near $40.80 on the hourly chart (ETH/USD, data feed via SimpleFX). It is acting as a supportive pattern, and may produce a bounce from $40.50.

On the upside, the price needs to clear the triangle resistance at $44.80 in order for a push higher. More importantly, the price also needs to break the $45.06 level for a sustained move higher.

Hourly MACD – The MACD is struggling to gain momentum in the bullish area.

Hourly RSI – The RSI has just moved above the 50 level, and showing positive signs.

Major Support Level – $40.50

Major Resistance Level – $44.80

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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