- ETH price managed to move above the $43.20 resistance against the US Dollar.
- Yesterday’s highlighted bearish trend line with resistance near $43-$44 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
- The price traded higher, but failed to hold the momentum above $44.80, signaling caution.
Ethereum price made a minor upside move above $43.20 against the US Dollar, but is this move in ETH/USD a real recovery?
Ethereum Price Trend Line Break
We recently saw a dip in ETH price towards $40.78 against the US Dollar. Later, the price found support and started an upside move above $41. The price was above to move above the 23.6% Fib retracement level of the last decline from the $51.40 high to $40.78 low. It prompted more buying in ETH and ignited a move above $43. During the upside move, the price cleared the $44.20 and $44.40 resistance levels.
The most important move was above yesterday’s highlighted bearish trend line with resistance near $43-$44 on the hourly chart of ETH/USD. The price traded towards $45 where it found sellers. Actually, it faced resistance near the 38.2% Fib retracement level of the last decline from the $51.40 high to $40.78 low. The price reacted and moved down once towards $43. However, it now recovering once again and might move above $44.80. The next major resistance is at $46.08.
It won’t be easy for ETH buyers to break $46.10 since it is a major hurdle. It also represents the 50% Fib retracement level of the last decline from the $51.40 high to $40.78 low. On the downside, the $43 level is a short-term support. Below $43, the $42 level might be considered as a buy zone.
Hourly MACD – The MACD is attempting to move into the bullish zone.
Hourly RSI – The RSI is now above the 50 level, and heading north.
Major Support Level – $42.00
Major Resistance Level – $46.10
Charts courtesy – SimpleFX
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