Ethereum Price Technical Analysis – ETH/USD Recovery Real?

Key Highlights

  • 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

Read more ... source: NewsBTC USA

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