Home Ethereum Ethereum Price Technical Analysis – ETH/USD Remains Supported

Ethereum Price Technical Analysis – ETH/USD Remains Supported

67
0
SHARE


Ethereum Price Technical Analysis ETH USD

 

Key Highlights

  • ETH price recently traded above the $860 level, but it failed to gain momentum against the US Dollar.
  • There was a break below a short term contracting triangle with support at $852 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair may decline a few points in the near term, but it remains supported above the $810 level.

Ethereum price is currently correcting lower against the US Dollar and Bitcoin. ETH/USD remains supported on the downside near the $820 and $810 levels.

Ethereum Price Correction

There was a decent upside move in ETH price above the $850 level against the US Dollar. The price traded above the $860 level as well, but it failed to move past the $865 level. It faced tiny sell offers and started a downside correction from $865. It broke the 23.6% Fib retracement level of the last wave from the $768 low to $865 high. It seems like the price may decline a bit more towards $810, but it remains supported.

At the moment, the ETH/USD pair is attempting a close below a short term contracting triangle with support at $852 on the hourly chart. However, the 100 hourly simple moving average at $830 is acting as a support. If the price moves below the $830 support, the next major support is the 50% Fib retracement level of the last wave from the $768 low to $865 high at $817. The mentioned $817 support could stop the current decline and act as a buy zone. Moreover, the $810 level is also a decent support.

Ethereum Price Technical Analysis ETH USD

On the upside, the price has to move above the $865 and $890 levels to gain upside momentum in the near term.

Hourly MACD – The MACD is currently reducing its bullish zone and it could even move into the bearish zone.

Hourly RSI – The RSI is moving to and fro near the 50 level.

Major Support Level – $810

Major Resistance Level – $865

 

Charts courtesy – SimpleFX

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.



Source link