Ethereum Price Technical Analysis – ETH/USD Consolidating Gains

Key Highlights

• ETH price after a nice upside move started a correction, and now consolidating gains.
• There is a contracting triangle pattern formed on the hourly chart (ETH/USD, data feed via SimpleFX) with resistance near $28.80.
• A break above it might resume the trend, and the price could attempt a move towards $30.00.

Ethereum price after a minor dip against the US Dollar started a consolidating, and now ETH/USD is approaching another break for the next move.

Ethereum Price Resistance

Yesterday, we saw how there was a nice upside move in ETH price towards $30.80 against the US Dollar. Later, the price started a correction, and traded towards $25 before recovering. As mentioned in yesterday’s post, the price recovered from the 61.8% Fib retracement level of the last wave from the $21.35 low to $30.84 high. At the moment, the price is below $29, but slowly positioning for the next move.

There is a nice support formed near $28, as the price failed to break it on a couple of occasions. Currently, there is a contracting triangle pattern formed on the hourly chart of ETH/USD (data feed via SimpleFX) with resistance near $28.80. The price needs to clear the triangle resistance area above $28.80 in order to initiate another bullish wave. In that case, the price could trade back towards the $30 level and might even break it for more gains.

On the downside, the triangle support is near $28. The stated level is also above the 38.2% Fib retracement level of the last wave from the $21.10 low to $30.84 high. Also, yesterday’s highlighted bullish trend line is intact on the downside near $26.20. So, there are many support levels where the price might find bids if it moves down.

Hourly MACD – The MACD has almost reduced the bullish slope, which is not a good sign in the short term.

Hourly RSI – The RSI is still above the 50 level, which is a positive sign.

Major Support Level – $28.00

Major Resistance Level – $29.00

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.

<!–

–>

NewsBTC USA