Ethereum Price Technical Analysis – ETH/USD Eyeing Break

Key Highlights

• ETH price managed to hold the $42.60 support against the US Dollar, and traded higher.
• Yesterday’s highlighted bearish trend line with resistance at $44.05 on the hourly chart (ETH/USD, data feed via SimpleFX) is acting as a hurdle.
• The price is now above the 100 hourly SMA at $43.47, which is a positive sign.

Ethereum price made a nice move above $43.70 against the US Dollar, and now ETH/USD is looking for an upside break above $44.

Ethereum Price Trend Line Resistance

Yesterday, we saw a decline in ETH price towards $42.30 against the US Dollar. Later, the price managed to find support around $42.30, and started moving higher. It is also important to note that there was no close below $42.00. And, the price found support just below the 61.8% Fib retracement level of the last wave from the $40.95 low to $45.61 high. So, these are positive signs, pushing the price above $43.00.

The price traded higher and moved above the $43.20 level. There was also a break above the 100 hourly SMA at $43.47. It ignited more gains and the price moved towards $44.20. At the moment, the price is struggling to clear a major hurdle near $44.00. The stated resistance coincide with yesterday’s highlighted bearish trend line with resistance at $44.05 on the hourly chart of ETH/USD.

So, the current trend line resistance near $44.00-44.05 holds the key for more gains. A break above it may call for a move towards the last swing high of $45.60. On the downside, there is a connecting support trend line at $42.65. Moreover, the 100 hourly SMA at $43.47 might also act as a support if the price dips from the current levels.

Hourly MACD – The MACD is currently attempting to gain traction in the bullish zone.

Hourly RSI – The RSI is now above the 50 level.

Major Support Level – $42.65

Major Resistance Level – $44.10

 

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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