Ethereum Price Technical Analysis – ETH/USD Holding 100 SMA

Key Highlights

  • ETH price is trading with a stable bias above the $540 support against the US Dollar.
  • There is a key bullish trend line forming with support at $560 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair has to break the $580 resistance and a bearish trend line to move further higher in the near term.

Ethereum price is slowly grinding higher against the US Dollar and Bitcoin. ETH/USD is positioned nicely above $540 and it may break $580 for further upsides.

Ethereum Price Trend

The past few sessions were mostly positive since ETH price remained above the $540 support against the US Dollar. The price traded as high as $590.54 recently before starting a minor downside correction. It moved down and traded below the 23.6% Fib retracement level of the last wave from the $516 low to $590 high. However, the downside move was protected by the $540 support zone.

Moreover, the 50% Fib retracement level of the last wave from the $516 low to $590 high also acted as a support. At the moment, the price is trading well above the $550 level and the 100 hourly simple moving average. On the downside, there is a key bullish trend line forming with support at $560 on the hourly chart of ETH/USD. The pair is likely to move high as long as above $540. On the upside, there is a connecting bearish trend line with current resistance at $580 on the same chart.

Ethereum Price Technical Analysis ETH USD

A break above the trend line and resistance at $580 is needed for buyers to take control. The next resistance on the upside could be near the last high at $590. Above $590, the price may perhaps break the $600 level in the near term.

Hourly MACD – The MACD is now back in the bullish zone.

Hourly RSI – The RSI is just below the 60 level.

Major Support Level – $540

Major Resistance Level – $580

 

Charts courtesy – Trading View

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.

Be the first to comment

Leave a Reply

Your email address will not be published.


*