Ethereum Price Technical Analysis – ETH/USD Set For Next Move

Key Highlights

• ETH price after trading as high as $50.99 against the US Dollar moved down, and found support at $47.10.
• There is a contracting triangle pattern formed with support at $48.10 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• The price is also supported above the 100 hourly simple moving average at $48.55.

Ethereum price after a decline from $50.99 to $47.10 found support vs the US Dollar, and now ETH/USD is preparing for the next move.

Ethereum Price Support

Recently, we saw how there was a rise towards $51 in ETH price against the US Dollar. Later, it found resistance and moved down. It traded below the $49.00 level and even cleared $48.00. There was a downside move below the 61.8% Fib retracement level of the last wave from the $45.56 low to $50.99 high. The price traded as low as $47.10 where it found support. Later, there was an increase in buying interest around $47.20 and the price started a recovery.

It traded above the 23.6% Fib retracement level of the last decline from the $50.99 high to $47.10 low. The best thing is the fact that the price is finding support near the 100 hourly simple moving average at $48.55. It also moved above the 50% Fib retracement level of the last decline from the $50.99 high to $47.10 low level once. However, it failed near $50.07, and now trading in a range. There is a contracting triangle pattern formed with support at $48.10 formed on the hourly chart ETH/USD.

The same pattern may act as a catalyst for the next move either above $49.50 or below $$48.00. And, traders may look to trade with a break as per the mentioned levels.

Hourly MACD – The MACD is currently flat with no major bias.

Hourly RSI – The RSI is just above the 50 level, but with no momentum.

Major Support Level – $48.00

Major Resistance Level – $49.50

 

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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