Ethereum Price Technical Analysis – ETH/USD Support Played Well

Key Highlights

• ETH price started a correction from the $49.74 high against the US Dollar, and moved lower by more than $10.
• The price later completed a correction near $30.36 and moved higher once again.
• During the upside, it broke a bearish trend line with resistance at $37.75 on the hourly chart (ETH/USD, data feed via SimpleFX).

Ethereum price after a decline towards $30.50 found support against the US Dollar, and now ETH/USD is back trading higher.

Ethereum Price is Gaining Bids

This past week was more of a correction period for ETH price against the US Dollar, as it moved towards $30.50. After trading as high as $49.74, the price found sellers, and moved down. There was even a decline below the 50% Fib retracement level of the last wave from the $28.31 low to $49.74 high. However, the price later managed to find support near $30.50, and started moving higher.

The upside move was nice, as there was a close above the 23.6% Fib retracement level of the last decline from the $49.74 high to $30.36 low. Later, the ETH/USD pair was able to clear a bearish trend line with resistance at $37.75 on the hourly chart (data feed via SimpleFX). Then, there was a close above the 50% Fib retracement level of the last decline from the $49.74 high to $30.36 low. Finally, the pair also climbed above the 100 hourly simple moving average at $40.05.

Overall, it looks like the price is back in the bullish zone, and now trading above $40.50. There can be another dip towards the 100 SMA where buyers could take a stand near $40.05. On the upside, a major resistance is at $45.

Hourly MACD – The MACD is now back in bullish area, which is a positive sign.

Hourly RSI – The RSI is well positioned above the 50 level.

Major Support Level – $40.05

Major Resistance Level – $45.00

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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