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Ethereum Price Technical Analysis – Can ETH/USD Hold This?

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Ethereum Price Technical Analysis ETH USD

Key Highlights

  • ETH price is slowly moving higher, but it is currently facing sellers near $940 against the US Dollar.
  • There is a connecting bearish trend line forming with resistance at $940 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently just above the 100 hourly simple moving average and it remains supported near $900.

Ethereum price is slowly gaining pace against the US Dollar and Bitcoin. ETH/USD needs to break the $940 resistance to trade further higher.

Ethereum Price Trend

There was no downside break below $920 and $900 support levels in ETH price against the US Dollar. The price started a nice upside move and succeeded in trading above the $925 resistance. It also moved above the 23.6% Fib retracement level of the last decline from the $970 high to $895 low. However, there are many resistances on the upside near the $940 and $945 levels.

There is also a connecting bearish trend line forming with resistance at $940 on the hourly chart of ETH/USD. The pair is also facing sellers near the 61.8% Fib retracement level of the last decline from the $970 high to $895 low. However, the price is currently just above the 100 hourly simple moving average, but it has to gain momentum above $940 for more gains. A break above the $940 resistance could open the doors for more upsides toward the $970 level.

Ethereum Price Technical Analysis ETH USD

On the downside, an initial support is at $930 and the 100 hourly SMA. Should there be a break below $925, the price could move back towards $900. The overall price action is positive, but the price has to move above $940 to remain in the bullish zone.

Hourly MACD – The MACD is slightly in the bullish zone with neutral signs.

Hourly RSI – The RSI is currently above the 50 level, but it moving lower with a negative angle.

Major Support Level – $900

Major Resistance Level – $940

 

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.



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