Ethereum Price Technical Analysis – ETH/USD Trades Positive


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Key Highlights

  • ETH price remained in an uptrend, and moved above the $52.40 resistance against the US Dollar.
  • There are now two bullish trend lines with support at $52.80 and $51.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price may continue to move higher, and may even break the $53.60 resistance for further gains.

Ethereum price managed to pop above the $52.40 resistance, and the recent ETH/USD bullish run looks positive for further upsides in the near term.

Ethereum Price Support

There was a tiny downside move in ETH price towards $51.80 against the US Dollar where it found support. Later, the price moved higher, and broke the 76.4% Fib retracement level of the last decline from the $52.45 high to $47.45 low. It opened the doors for more gains above $52.40. The price broke the $52.40 resistance and traded towards the $54.00 handle. The price almost tested the 1.236 extension of the last decline from the $52.45 high to $47.45 low.

At the moment, the price is struggling to clear the $53.60 resistance, and may move down a few points. On the downside, there are two bullish trend lines with support at $52.80 and $51.80 on the hourly chart ETH/USD. The first trend line support coincides with the 23.6% Fib retracement level of the last wave from the $50.60 low to $53.60 high.

Ethereum Price Technical Analysis

However, the most important support is now at $52.40. The stated level was a resistance earlier, and now may provide support at $52.40-50. It also coincides with the 38.2% Fib retracement level of the last wave from the $50.60 low to $53.60 high. Overall, if the price dips from the current levels, it may find support at $52.80 or $52.40.

Hourly MACD – The MACD is placed well in the bullish zone.

Hourly RSI – The RSI is around the 71 level, and looks stable.

Major Support Level – $52.80

Major Resistance Level – $53.60

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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