Ethereum Price Technical Analysis: Gains Coming Back

 

ethereum-price-technical-analysis

Ethereum price managed to gain further traction and moved above the $8.20 resistance. More gains are possible in ETH/USD since buyers are in control.

Key Highlights

  • ETH price continued its upside move against the US dollar, and traded above the $8.20 level.
  • There is a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a support near $8.15-10.
  • One may consider buying dips as long as the price is above the $8.00 support.

 

Ethereum Price Buy Dips

There were further gains in ETH price against the US Dollar, as the price broke yesterday’s high of $8.003 and moved above the $8.20 resistance area. A new weekly high of $8.37 was formed. The price is currently correcting lower, but it may find buyers on the downside. An initial support is around a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.

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The highlighted trend line support is playing well, and one may consider buying near it. However, there is a chance of a correction towards the 23.6% Fib retracement level of the last wave from the $6.87 low to $8.37 high as well. So, one must not aggressive while buying near the trend line support. In the worst case, there can be a proper corrective wave in which the price could retest the $7.80 support.

The stated support also coincides with the 38.2% Fib retracement level of the last wave from the $6.87 low to $8.37 high. Let us see how the price trades near the trend line. Depending on the price action and reaction, buyers may take a stand. On the upside, the next major hurdle is around $8.50.

Hourly MACD – The MACD is strongly in the bullish slope, but slowly decreasing.

Hourly RSI – The RSI is moving down towards the 50 level.

Major Support Level – $8.00

Major Resistance Level – $8.50

 

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. Altcoin Today does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

 

 

Source: NewsBTC

Charts courtesy of SimpleFX

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