Ethereum Price Technical Analysis – ETH/USD Remains a Buy

Key Highlights

• ETH price remained in the positive zone against the US Dollar and traded as high as $45.94.
• There is a nice bullish trend line with support at $41.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• There can be a minor dip towards $42 before the price gathers pace one more time.

Ethereum price maintained its bullish pace against the US Dollar, and it looks like ETH/USD is forming a nice support around $42.

Ethereum Price Dip and Bounce

Yesterday, we discussed how ETH price is gaining pace against the US Dollar. It even moved a lot higher versus the Bitcoin, and was above 0.039BTC. The most important point was the fact that the price remained above the $36 level and the momentum stayed intact. It resulted in more gains towards the $38 or $40 levels. It not only tested the $40, but also broke it for a move towards $45. A new high was formed at $45.94 from where the price has initiated a minor correction.

The price during the upside broke a resistance trend line at $43.10 on the hourly chart (ETH/USD, data feed via SimpleFX). The same trend line is now acting as a support. There is a chance that the price might break it for a downside move towards $42. There is a nice bullish trend line with support at $41.80 positioned on the same chart. So, even if the price moves down, there is a nice support waiting near $41.80.

Moreover, the 23.6% Fib retracement level of the last wave from the $28.31 low to $45.94 high is also around the trend line support. So, if there is a dip, it can be considered as a buying opportunity near $42.

Hourly MACD – The MACD remains in the bullish area, which is a positive sign.

Hourly RSI – The RSI is in the overbought levels, calling for a minor dip.

Major Support Level – $42.00

Major Resistance Level – $45.90

 

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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