Ethereum Price Technical Analysis – ETH/USD Holding Support

Key Highlights

• ETH price remained above a major support area at $7.90 against the US Dollar.
• Yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a perfect support and prevented downsides.
• The price needs to break the $8.40 resistance in order to gain traction and momentum.

Ethereum price managed to stay above a major support trend line against the US dollar. Let’s see if ETH/USD can gain further ground or not.

Ethereum Price Resistance

There was a minor downside reaction in ETH price against the US Dollar yesterday. The price was seen approaching a monster support area at $7.90-80. However, the ETH buyers managed to hold the downside at $7.95, and prevented a break. The most important point was yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD.

The trend line support acted as a hurdle for sellers around $7.95-$8.00 and stopped the downside move. The price also failed to test the 38.2% Fib retracement level of the last wave from the $6.87 low to $8.40 high. Another crucial aspect was the 100 hourly simple moving average. It aligned perfectly with the trend line support and prevented a downside break.

The price is once again moving higher. However, the $8.40 resistance area is not allowing the ETH buyers to gain control. The price recently attempted an upside break at $8.40, but failed. There is also a connecting bearish trend line formed on the same chart of ETH/USD, acting as a resistance. It looks like the price may move inside a range for some time before making the next big move in the near term.

Hourly MACD – The MACD has moved from the bearish to bullish slope, but there is a loss in momentum.

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

Major Support Level – $7.95

Major Resistance Level – $8.40

 

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.

<!–

–>