Ethereum Price Technical Analysis – ETH/USD Attempting Trend Change

Key Highlights

• ETH price traded further lower against the US Dollar to test $10.15 where it found support.
• The ETH/USD pair is now making an attempt to break yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX).
• A break and close above $10.40 might open the doors for more gains in the near term.

Ethereum price found buyers near $10.15 against the US Dollar, and now it looks like ETH/USD is attempting an upside move.

Ethereum Price Recovery

We saw more declines in ETH price against the US Dollar, as it traded below $10.20 to trade as low as $10.15 where it found buyers. One important point to note is the fact that the price found support near a crucial level ($10.15). It represents the 50% Fib retracement level of the last leg higher from the $9.57 low to $10.84 high. So, we can say that the price may have completed a leg down, and might move higher towards $10.50.

The price already moved above the 23.6% Fib retracement level of the last decline from the $10.84 high to $10.15 low. So, there is a chance of more gains towards $10.50. At the moment, the ETH/USD pair is attempting to clear yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX). If it succeeds in breaking the trend line resistance at $10.38 and closes above it, there are chances of more upsides.

The next hurdle could be around the 100 hourly simple moving average at $10.45. However, I think it won’t be easy for the ETH buyers to clear the resistance and move towards $10.50. So, I think we should wait for a proper break if planning to enter a buy trade.

Hourly MACD – The MACD is attempting to move into the bullish zone, which is a positive sign.

Hourly RSI – The RSI has moved above the 50 level, signaling a bullish bias.

Major Support Level – $10.20

Major Resistance Level – $10.40

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.

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