Ethereum Price Technical Analysis – ETH/USD Starts Bull Trend

Key Highlights

• ETH price after correcting lower against the US Dollar towards $10.30 found support, and traded higher.
• There is a connecting resistance trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX), which is currently acting as a resistance near $10.56.
• The price may break it soon for further gains in the short term towards $10.65.

Ethereum price moved back above the $10.40 level against the US Dollar, and it looks like ETH/USD may trade further higher towards $10.65-10.70.

Ethereum Price Rising Momentum

There was a correction wave initiated yesterday in ETH price against the US Dollar, taking it towards $10.30. The price found support managed to gain bids. The price traded towards the 61.8% Fib retracement level of the last wave from the $10.20 low to $10.52 high. It found support at $10.30-10.35 and started moving back higher. During the upside, the price broke the $10.40 resistance to start a trend.

The price is currently trading near a connecting resistance trend line on the hourly chart of ETH/USD (data feed via SimpleFX). It has a resistance near $10.56, which is currently protecting more upsides. The price is likely to break it soon, and attempt a move towards $10.60-10.65. It may also test the 1.618 extension of the last decline from the $10.53 high to $10.29 low.

If the current momentum stays intact, there is a high chance of it ETH gaining further momentum towards $10.65. On the downside, the $10.45 level can be seen as an initial support. The next support is at $10.40, and the most important one is at $10.30. Buying dips near $10.40 can be considered as long as the momentum is intact.

Hourly MACD – The MACD is strongly placed in the bullish slope, and gaining momentum.

Hourly RSI – The RSI is heading south and well above the 50 level.

Major Support Level – $10.45

Major Resistance Level – $10.65

 

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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