Ethereum Price Technical Analysis – ETH/USD Turned Buy?

Key Highlights

• ETH price managed to gain momentum, and moved above the $41 resistance against the US Dollar.
• There is now a new bullish trend line with support at $39.50 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• The price is above the 100 hourly simple moving average, which might now provide support at $41.70.

Ethereum price popped a few points higher against the US Dollar, and now ETH/USD is well positioned above the $41.00 level for more gains.

Ethereum Price Support

There was a nice upside move in ETH price above $41 against the US Dollar. The price managed to break a couple of important resistances. The most important one was yesterday’s highlighted two bearish trend lines with resistance at $41.70 on the hourly chart (ETH/USD, data feed via SimpleFX). The price also attempted a break above the 61.8% Fib retracement level of the last decline from the $45.09 high to $38.15 low. However, it failed to climb above the $43.90 level.

At the moment, the price is correcting lower towards $41.70. It is currently testing the 23.6% Fib retracement level of the last wave from the $38.20 low to $43.90 high. However, there is a major support waiting on the downside near $41.70. It coincides with the 100 hourly simple moving average at $41.72. Moreover, the 38.2% Fib retracement level of the last wave from the $38.20 low to $43.90 high is also around the same support.

Last but not the least, the broken trend line is at $41.50. So, we can say there are many support levels on the downside. So, one may consider buying as long as the price is above a new bullish trend line with support at $39.50.

Hourly MACD – The MACD is slightly in the bullish zone, which is a positive sign.

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

Major Support Level – $41.00

Major Resistance Level – $43.90

 

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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