Ethereum Price Technical Analysis – ETH/USD Perfect Buy Dips

Key Highlights

• ETH price after a minor dip towards $14.80 against the US Dollar found support and recovered.
• A major connecting bullish trend line at $14.80 (highlighted in yesterday’s post) on the hourly chart of ETH/USD (data feed via SimpleFX) acted as a support.
• It was a perfect buy dips scenario, and the price may now look to extend gains towards $15.80.

Ethereum price after a minor correction against the US Dollar recovered, and now ETH/USD is looking to challenge the $15.80 resistance.

Ethereum Price Resistance

In yesterday’s post we saw how buying dips near $15.00 remained a good idea in ETH price against the US Dollar. The price did move down to trade near the 38.2% Fib retracement level of the last wave from the $14.30 low to $15.80 high where it found support. More importantly, the price found support around $14.80. There was a connecting bullish trend line at $14.80 on the hourly chart of ETH/USD (data feed via SimpleFX), which acted as a support.

Currently, it looks like the price is struggling to clear the $15.80 resistance. There was another rejection, pushing the pair back below the 23.6% Fib retracement level of the last wave from the $14.64 low to $15.83 high. However, the price is finding bids near the 38.2% Fib retracement level of the last wave from the $14.64 low to $15.83 high at $15.35. I think that there is a chance of a minor dip towards $15.20 before the price attempts another upside move.

On the downside, the trend line support is now at $15.05. As long as the price stays above it, there can be another upside run. A break below it could take the price towards $14.50.

Hourly MACD – The MACD is reducing the bullish zone, as a part of a correction.

Hourly RSI – The RSI is now back above the 50 level, but there is less momentum.

Major Support Level – $15.05

Major Resistance Level – $15.80

 

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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