Ethereum Price Technical Analysis: Recovery Attempt
Ethereum price looks like attempting to recover in the short term against the US Dollar. Can ETH/USD continue with the recent break?
- ETH price is showing a few positive signs against US Dollar, but still a long way to go.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken, but there was no momentum.
- The price has also moved above the 100 hourly simple moving average, but buyers need to gain control.
Ethereum Price Upside Break
We saw how there was decline towards $6.80 in ETH price against the US Dollar. Later, the price traded in a range for some time, and then started correcting higher. During the recent upside move, the price managed to break the 23.6% Fib retracement level of the last decline from the $7.82 high to $6.83 low. It opened the doors for the ETH buyers to take the price further higher.
Yesterday, I highlighted a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. It was acting as a resistance. However, the pair later managed to clear the trend line resistance at $7.08. Moreover, there was a close above the 100 hourly simple moving average. These two are positive signs, but there is a concern. There was no real momentum after the break. And, the price is still below a major pivot area of $7.20. Unless there is a break above the mentioned pivot level, the price remains at a risk.
Moreover, the same level is also positioned with the 38.2% Fib retracement level of the last decline from the $7.82 high to $6.83 low. So, we can say the next hurdle on the upside for the ETH buyers is at $7.20.
Hourly MACD – The MACD is about to move into the bullish zone, which may ignite more gains.
Hourly RSI – The RSI also moved above the 50 level, which is a positive sign.
Major Support Level – $7.00
Major Resistance Level – $7.2
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Charts courtesy of SimpleFX