Ethereum Price Technical Analysis – ETH/USD Holding Key Support


Key Highlights

  • ETH price started an upside move after declining towards $420-422 against the US Dollar.
  • There is a major bullish trend line forming with support at $431 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently above the $440 level and the 100 hourly simple moving average, which is a positive sign.

Ethereum price is showing positive signs against the US Dollar and Bitcoin. ETH/USD is gaining pace above $440 and it remains supported on the downside.

Ethereum Price Support

There was a positive movement in ETH price from the $402 low against the US Dollar. The price moved above the $480 level and later started a downside correction. It traded as low as $421.90 and is currently moving higher. Buyers have pushed the price above the 23.6% Fib retracement level of the last decline from the $497.71 high to $421.90 low. The best part was a close above $430 and the 100 hourly simple moving average.

Moreover, the price recently broke a short-term bearish trend line at $440 on the hourly chart of ETH/USD. At the moment, the pair is trading near the 38.2% Fib retracement level of the last decline from the $497.71 high to $421.90 low. A break above the $450 level would open the doors for more gains possibly above the $465 level in the near term. An intermediate resistance sits at $459 and the 50% Fib retracement level of the last decline from the $497.71 high to $421.90 low.

Ethereum Price Technical Analysis ETH USD

On the downside, the 100 hourly SMA at $439 is an initial support. The next major support is around $431 and a major bullish trend line on the same chart. As long as the ETH/USD is above the $430 level, it might continue to rise in the near term.

Hourly MACD – The MACD is about to move back in the bullish zone.

Hourly RSI – The RSI has just moved above the 50 level and is showing positive signs.

Major Support Level – $430

Major Resistance Level – $460

 

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.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is
well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.