Ethereum Price Technical Analysis – ETH/USD Buyers Taking Control

Key Highlights

• ETH price extended its correction and moved above the $165 level against the US Dollar.
• Yesterday’s connecting bearish trend line with resistance at $166 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
• The price is also above the $178 resistance zone, which is currently acting as a support.

Ethereum price has corrected substantially against the US Dollar and Bitcoin, and the ETH/USD pair is slowly gaining back the bullish momentum.

Ethereum Price Correction

There was an improvement in the market sentiment which is why ETH price corrected above $165 against the US Dollar. The price after trading as low as $136.55 started a decent correction. First, there was a move above the 23.6% Fib retracement level of the last decline from the $223.35 high to $136.55 low. It sparked an upside move above the $160 level as buyers managed to take control.

During the upside move, yesterday’s connecting bearish trend line with resistance at $166 on the hourly chart of ETH/USD was cleared. Later, the price gained momentum and broke the 50% Fib retracement level of the last decline from the $223.35 high to $136.55 low. It also settled above the $178 resistance and the 100 hourly simple moving average. All these are positive signs and suggest more gains above $170 in the near term. The broken resistance at $178-175 is currently acting as a support.

Moreover, there is a bullish trend line with support at $175 on the hourly chart. On the upside, the pair needs to break the 61.8% Fib retracement level of the last decline from the $223.35 high to $136.55 low at $190.92. Once it break $190, it may also be able to clear $200.00 for more upsides.

Hourly MACD – The MACD is placed well in the bullish zone.

Hourly RSI – The RSI is now above the 50 level and signaling gains.

Major Support Level – $170

Major Resistance Level – $190

 

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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