Ethereum Price Technical Analysis – ETH/USD Remains Bullish

Key Highlights

• There was a minor upside move in ETH price, as it traded above $83 against the US Dollar.
• Yesterday’s highlighted contracting triangle pattern with resistance at $82.80 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
• The price traded towards $86 before starting a correction back below $85.

Ethereum price is well supported against the US Dollar and Bitcoin, and the current break in ETH/USD calls for more gains going forward.

Ethereum Price Buy Dips

In yesterday’s analysis, we a major resistance in ETH price around $82.80-83.30 against the US Dollar. A break above the stated levels was likely, and it did move past $83. Once there was a break, it cleared the path for more upsides towards $85. During the upside, the price broke the 76.4% Fib retracement level of the last decline from the $87.35 high to $76.90 low.

The best thing was a break above the $83.50 pivot. Also, the price broke yesterday’s highlighted contracting triangle pattern with resistance at $82.80 on the hourly chart. These all are good signs. The price traded as high as $86.04, and currently correcting lower. An initial support is around the 23.6% Fib retracement level of the last wave from the $76.90 low to $86.04 high.

However, the most important support is near a bullish trend line on the same chart at $82.55. It also coincides with the 38.2% Fib retracement level of the last wave from the $76.90 low to $86.04 high. Furthermore, the 100 hourly simple moving average is also positioned on the downside at $81.50 to act as a support. The overall trend remains bullish as long as the price is above $80.

Hourly MACD – The MACD is slowly moving into the bullish zone.

Hourly RSI – The RSI is currently moving nicely above the 50 level.

Major Support Level – $82.50

Major Resistance Level – $86.00

 

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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