Ethereum Price Technical Analysis – Positive Signs for ETH/USD

Key Highlights

• ETH price moved higher recently against the US Dollar, and traded close to the $10.55 level.
• Yesterday’s highlighted bearish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) was broken at $10.25-10.30 for an upside move.
• The price is now back lower, but may find support near $10.30-10.25.

Ethereum price managed to move above the $10.30 resistance against the US Dollar, which is a positive sign for the ETH/USD buyers in the near term.

Ethereum Price Resistance

Yesterday, we saw how ETH price was struggling to clear the $10.25-10.30 resistance against the US Dollar. Later, the price gained strength and somehow managed to break the $10.30 resistance. The upside was so strong that the price also cleared the 50% Fib retracement level of the last decline from the $10.47 high to $10.20 low. Moreover, the price also settled above the 100 hourly simple moving average at $10.28, opening the doors for more gains.

Lastly, the price also moved past yesterday’s highlighted bearish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) at $10.25. So, there was a good bullish wave towards the $10.55 level where sellers appeared. The price once again started trading lower and moved below $10.40. There was also a break below the 38.2% Fib retracement level of the last wave from the $10.20 low to $10.52 high.

However, the last resistance at $10.25-10.30 may now act as a support. It also coincides with the 76.4% Fib retracement level of the last wave from the $10.20 low to $10.52 high. Overall, the price is back down, but might gain bids near $10.25-10.30 in the short term.

Hourly MACD – The MACD is in the bullish slope, but slowly the momentum is fading and changing.

Hourly RSI – The RSI is heading towards the 50 level where it may find support.

Major Support Level – $10.30

Major Resistance Level – $10.50

 

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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