Key Highlights

• ETH price remained above the $53 support area against the US Dollar, and looking to extend gains.
• There is a new short-term bullish trend line with support at $53.10 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• The price remains on the edge, and may soon either break above $53.60 or below $53.10.

Ethereum price is trading above the $53 support against the US Dollar, and ETH/USD must hold it if it has to move further higher.

Ethereum Price Trend Line Support

Yesterday, we saw how ETH price broke the $52.40 resistance against the US Dollar, and moved higher. The upside move remained supported intraday with swing moves towards $53.00. The price attempted a break above the 1.236 extension of the last decline from the $52.44 high to $46.12 low, but failed. It was seen struggling to clear the $53.66 resistance where sellers are putting up a fight. So, it looks like it won’t be easy for the bulls to break $53.60-70 for further gains.

On the downside, there is now a new short-term bullish trend line with support at $53.10 formed on the hourly chart of ETH/USD. It is acting as a major barrier and preventing declines below $53.00. So, we can say the price is stuck in a tiny range. Also, yesterday’s highlighted bullish trend line on the same chart at $51.80 is also active. I think there is a chance of the price testing the 38.2% Fib retracement level of the last wave from the $50.60 low to $53.66 high.

And, if there is a proper close below the trend line, the $52.40 support may be tested. It also coincides with the 61.8% Fib retracement level of the last wave from the $50.60 low to $53.66 high.

Hourly MACD – The MACD is slightly moving lower in the bullish zone.

Hourly RSI – The RSI is around the 51 level, and heading lower.

Major Support Level – $53.00

Major Resistance Level – $53.66

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.

<!–

–>